When I was out shopping before Christmas I encountered horrendous traffic near the malls and lots of people in the stores. My impression was that “consumer confidence” in NW Arkansas was back in force.
Now that some of the business reports are coming in, the numbers show my impression was correct. Basically my observations of are “anecdotal” evidence but I also pull data from local sources and the MLS. So when the economists trot out the statistics I look for those to validate my gut feelings and in this case they did just that.
As I have mentioned in the past, Americans are saving more than they did before the recession and that’s a good thing. But for a healthy economy, people need to spend money. Individuals don’t often realize the impact their personal spending habits have on the economy as a whole. But the truth is that consumer spending is a huge driving force on the economy and people need to spend money if the recovery is to gain momentum.
I’m happy that things are picking up at the retail level. It’s a positive sign of economic recovery. My hope is that the housing market responds in kind.
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Posted in Arkansas RE