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03 Nov 2009 10:45am | Posted by Steve Rogers | Local News, Political, Business
Mississippians Not as Confident on Economy
STARKVILLE, Miss. -- Even as national news reports indicate more positive outlooks on the public's confidence in the economy, recent third-quarter results from the state's Index of Consumer Sentiment shows something different.
Survey findings from the quarterly online business forecaster of Mississippi State's College of Business describe an overall decrease of 4.7 percent in Mississippi consumer confidence. Standing at 72.86 for the months of July-September, the latest report follows a second-quarter overall confidence rating of 76.42.
Rebecca Campbell Smith, editor of the university-based Economy Watch service, said Tuesday [Nov. 3] these results contrast with the latest U.S. Index of Consumer Sentiment report of a positive 12 percent increase in consumer confidence for September.
"Currently, Mississippi consumers are much more pessimistic than most consumers in the rest of the nation when looking at current conditions," Smith said. "The state's population is more optimistic, however, when looking to future expectations."
The most recent survey of 501 individuals by MSU's nationally recognized Survey Research Laboratory sought opinions on both current and future conditions.
Smith, an instructor in the business college, said most of the losses in the state index stemmed from a 6.5 percent decrease in confidence of current conditions--and only a 3.59 percent decrease in the expectations of the future. The current confidence rating for Mississippi is 68.3, while the future rating is 75.78.
Looking forward, Smith said past consumer surveys have proved to be accurate indicators of the economy's course, and that most American consumers believe a national recovery has begun.
James Clark, first vice president of BankPlus's Wealth Management Group, agreed with Smith that some encouraging signs are on the horizon. Mississippi-based BankPlus is an Economy Watch partner.
"While the current national recession will likely become a post-World War II record in duration at 19 months and counting, we believe the second half of this year will mark the end of this challenging downturn if economic indicators continue to experience an improving trend," Clark said.
Clark also indicated that he also expects to see improving conditions in the state in conjunction with the national economy.
The complete third-quarter edition of Economy Watch may be viewed at www.economywatch.msstate.edu.
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