Arkansas economy not rebounding

(November 5, 2003) — (Little Rock-AP) -- Arkansas tax collections for October were short of forecasts by 12-point-three million dollars. Officials say the take signals a more modest economic recovery for Arkansas than the rest of the nation. Arkansas' chief fiscal officer blamed the shortfall on an error in calculating the corporate income tax estimate but acknowledged the state's economic output has not kept pace with some indicators showing growth in the national economy. A report released Monday showed the nation's manufacturers registered their highest level of activity in nearly four years last month, signaling robust growth nationwide. The Arkansas Department of Finance and Administration reported yesterday that net available general revenues since the fiscal year began July first were 49-point-three million dollars -- or four-point-five percent-- more than at the same time a year ago. Officials say the economy in Arkansas is not producing new jobs.