The Compass Report: No name

Fort Smith regional residents are growing more pessimistic about their personal finances and the health of the overall economy — a reality possibly fueled by the news Whirlpool will close its Fort Smith manufacturing plant.

Sales tax collections in the counties showed impressive gains during the period — hopefully a good sign of consumer sentiment.

The fifth edition of The Consumer Compass Report shows a drop in confidence with respect to personal finances and the overall economy — a finding that should come as no surprise to anyone closely watching economic conditions locally and at the state and national levels.

Second quarter 2011 economic conditions were slightly improved compared to the first quarter of 2011 and unchanged compared to the second quarter of 2010 — thanks to stability in sales tax collections and gains in hospitality industry employment.

Area sales and hospitality tax collections continue to show improvements, but economists believe higher fuel and commodity prices have depressed consumer spending.

People in the Fort Smith region appear to be uncertain about personal finances and the overall economy, according to the most recent The Consumer Compass Report.

The April 2011 Numbers by the Wire report finds that improvements were evident in area sales and hospitality tax collections, suggesting gains in consumer confidence.

The Compass Report is being expanded with the addition of a monthly report — presented electronically as a two-page PDF — on nine key sets of local, state and federal economic data.

The fourth quarter 2010 economy in the Fort Smith region saw momentum weaken, primarily because of rising unemployment figures that offset moderate gains in sales tax collections.