LITTLE ROCK — Arkansas economy stabilizing, Fed says
Economic activity in Arkansas continued to stabilize over the past three months, according to the Federal Reserve Bank of St. Louis' "burgundy report" released Thursday.
Manufacturing activity showed signs of improvement, the report said, while business support services reported layoffs. Retail sales have been slow, and commercial and industrial lending decreased slightly, although a few isolated examples indicated an increased interest in these loans, the report said.
Half of general retailers surveyed and 17 percent of auto dealers indicated that sales were up.
Manufacturing seems to be expanding slightly, with a few firms reporting an increase in hiring activity, the report said.
Independence County lands $450,000 grant
The U.S. Department of Agriculture has awarded Independence County a $450,000 grant to spur economic development.
The department awarded a total of $8 million in grants to rural communities in 41 states, Puerto Rico and the western Pacific.
The money is provided through the department's Rural Business Enterprise Grant program, which finances development of small and emerging rural business.
The grants may be used for project planning, land acquisition and development, transportation and infrastructure improvements; renovation or construction, equipment purchases, establishment of working capital or revolving loan funds, adult job training and technical assistance.
Arkansas Index falls in Wall Street retreat
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 2.25 to 160.08 Thursday.
"U.S. stocks continued the downward trend from Wednesday's late afternoon sell-off after existing home sales came in below expectations," said John Blackwell, senior vice president and managing director of equity trading at Stephens Inc. in Little Rock. "The Arkansas Index moved lower as 11 stocks declined, six advanced and one was unchanged."
Baldor Electric dropped 3.7 percent in below-average trading.
P.A.M. Transportation Services rose 4.0 percent in light trading.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 31 on 09/25/2009