Fed Forum Survey Shows Pessimism About Area's Economy

The Federal Reserve Bank of St. Louis held an economic forum in Little Rock last week but banned the news media from attending.

Robert Hopkins, senior branch executive of the Little Rock Branch of the St. Louis Fed, said reporters could not attend so people who did attend could speak more freely.

The main speaker at the forum was James B. Bullard, who became president and chief executive officer of the St. Louis Fed in April. He also serves on the Federal Open Market Committee, the Fed's chief monetary policymaking body.

Joining him was Hopkins, who has led the Little Rock office since 1995, and Michael R. Pakko, a research officer at the St. Louis Fed and co-editor of the bank's quarterly publication, The Regional Economist.

Attendees were asked to fill out a survey as they registered for the forum, and 79 people who registered to attend the Little Rock session did so. Here are some of the questions and their responses.

• Local business conditions are stronger today than they were a year ago.

10 percent of respondents agreed with this statement;

77 percent disagreed; and

13 percent were not sure how they felt about the accuracy of this statement.

• Local business profits will probably increase over the next 12 months.

21 percent agreed;

61 percent disagreed; and

18 percent were not sure.

• Local businesses plan to maintain or increase staff over the next 12 months.

25 percent agreed;

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