The June 2009 issue of the "Mississippi Economic Review and Outlook," a twice-yearly report authored by Marianne Hill, senior economist for the Institutions of Higher Learning, says the state's recovery from the current recession will be slow. Hill predicts that it will be 2014 before employment rates are back down to where they were in 2000.

Released yesterday, the report says that unemployment will continue to rise into the spring of next year, peaking at around 11 percent. Hill expects the rate to hit 10.4 percent by the end of this year. The latest figures from the state Department of Employment Security show that unemployment is at 9.6 percent last May.

With widespread job loss, falling tax revenues and state and city government budget cuts, consumers are responding by slashing their spending.

"This recession is placing a severe burden on many families," Hill said in a statement. "While the stimulus package is preventing an even deeper plunge in economic activity, we are not out of the woods yet."

The report is available from the IHL Web site.

Previous Comments

ID

149421

Comment

Ms/Mrs. Hills projections sound far more reasonable than the typical corporate cheer leading induced forecasts put forth by the 24/7 news conglomerates. It is bitter-sweet that Obama and Joe are starting to realize that we are in far worse shape that the departing thugs from the previous administration lead them to believe we were in as they hastily headed out DC earlier this year. Not only do we have to put an economy in shambles back together, we have to deal with the rising tide of hate created by Fox News, Limbaugh, Hannity, O'reilly, and lesser known but equally virulent rabble rousers.

Author

Jeffery R

Date

2009-07-08T10:13:06-06:00

ID

149448

Comment

Just a couple of points -- Mississippi's employment level will be back at 2000 levels by about 2014. We were just reaching 2000 levels again towards the end of 2007, due to slow employment growth after 2001 downturn. This recovery will be even more difficult. Also, the Review comes out twice a year (not monthly) and there are other authors than myself usually. Want to point out that the June issue also has an article addressing the problem of unemployment insurance, which most of the unemployed do not receive. Marianne Hill (by the way, Ms. or Dr. Hill is fine).

Author

hevens

Date

2009-07-09T08:34:10-06:00

ID

149449

Comment

Thanks for the correction regarding the publication rate.

Author

Ronni_Mott

Date

2009-07-09T08:54:17-06:00