The Philadelphia branch of the Federal Reserve Bank said Mississippi's economy led the South in rebounding to where it was before the Covid-19 pandemic shutdowns began.
The Philly Fed tracks state gross domestic product with a monthly coincident index.* Mississippi's economy rebounded more than most Southern states. Mississippi, Georgia, and Kentucky's economies were only 1% smaller than they were in January. Arkansas led the way with a negligible shrinkage of 0.3%.
The state economy had a coincident index of 119 in January. It fell to 110 in March as shutdowns across the state began and 107 in April as they took hold. The economy came back to 118 in December. Only four states suffered less shrinkage than Mississippi. The Mississippi economy shrank 10% from January to April. However, some Southern states fared much worse such as Kentucky (-36%), South Carolina (-20%), and Tennessee (-28%).
Philly Fed report, data, and spreadsheet.
State Growth/Loss
Arkansas: -0.3%
Alabama: -9%
Georgia: -1%
Florida: -6%
Kentucky: -1%
Louisiana: -6%
Mississippi: -1%
North Carolina: -2%
South Carolina: -5%
Tennessee: -8%
Texas: -5%
Virginia: -6%
New York: -14%
California: -11%
Michigan: -16%
% of Shrinkage of Economy (April/January)
Arkansas: -0.3%
Alabama: -23%
Florida: -14%
Georgia: -6%
Kentucky: -36%
Louisiana: -14%
Mississippi: -10%
North Carolina: -9%
South Carolina: -20%
Tennessee: -28%
Texas: 7%
Virginia: 12%
New York: 24%
California: 20%
Meechigan: 55%
Arkansas
January: 129
March: 129
April: 125
September: 125
(-0.3%)
Alabama
January: 128
March: 127
April: 99
September: 117
(-8.6%)
Georgia
January: 144
March: 144
April: 135
September: 143
(-1%)
Florida
January: 149
March: 146
April: 128
September: 140
(-6%)
Kentucky
January: 128
March: 124
April: 82
September: 127
(-1%)
Louisiana
January: 110
March: 108
April: 95
September: 103
(-6%)
Mississippi
January: 119
March: 120
April: 107
September: 118
(-1%)
North Carolina
January: 138
March: 137
April: 125
September: 133
(-2%)
South Carolina
January: 149
March: 147
April: 119
September: 142
(-5%)
Tennessee
January: 142
March: 142
April: 102
September: 130
(-8%)
Texas
January: 149
March: 148
April: 138
September: 142
(-5%)
Virginia
January: 132
March: 132
April: 116
September: 124
(-6%)
New York
January: 126
March: 125
April: 96
September: 108
(-14%)
California
January: 150
March: 147
April: 120
September: 133
(-11%)
Michigan
January: 123
March: 121
April: 68
September: 105
(-15%)
* The Philly Fed website explains the index:
The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic. The four state-level variables in each coincident index are nonfarm payroll employment, average hours worked in manufacturing by production workers, the unemployment rate, and wage and salary disbursements plus proprietors' income deflated by the consumer price index (U.S. city average). The trend for each state’s index is set to the trend of its gross domestic product (GDP), so long-term growth in the state’s index matches long-term growth in its GDP.
22 comments:
When you're routinely last or nearly last in every economic indicator, there really isn't a huge hill to climb for recovery.
That’s because it’s nearly impossible for this states economy to be any more anemic
So it’s back to “shitty”
Great news
Nothing from Nothing equals Nothing!
Well stated 3:32. Lucid, well articulated, coherent and right to the point.
You people are CLEARLY not business owners, if you even have jobs.
@6:31 PM - they are probably eating out of the public trough.
Man y’all are so neggy. Why don’t you try and accomplish something in your life?
6:31
I'm gonna open up a pot shop in Madison. I will have a job then.
3:26 3:30 3:32 4:39 many roads out of this state! Take one!
Would this rosy post be here if a D had driven the USA into a depression?
This “it’s only almost totaled” analysis?
The answer is clearly no.
But here we are with sycophants peddling absurdities all to try to appease the worst president in the history of the republic.
One person who is happy?
Jimmy Carter....he’s no longer the worst president.
Hey 9:41 this is 4:39, I only address here for the untaxed retirement income. I am not stupid enough to live here....
Telling the truth is not "negative". Mississippi's infrastructure is dismal at best. And that is an objective, measurable, visible, self-evident fact.
A problem can't be solved until it is acknowledged. Mississippians are too busy worrying about judging others through their religion, rather than taking care of their own dumb selves and their communities.
wow i dint know philadelphia had a federal reserve bank. it that the big building right down the street from the casino?
Great news!
It only cost us 3,338 fathers, mothers, brothers, sisters, sons, and daughters.
If I had said in 2008 “Hey, I can keep your economy from slipping 1%... but we have to sacrifice 3,300 Mississippians to do it.”
Would you have taken that bet?
@8:36am - And there will be at least that many more before it’s over, unfortunately.
We don't need no stinking job. We live off of you, and I will add, Thank you.
That $600/week federal unemployment bonus did the trick
Republicans have a funny way of counting. They claim the disease and death statistics for Covid-19 are inflated, but they inflate the resulting damage to the economy. All they have to do now is to stop counting the dollars of our national debt and the number of illegal immigrants crossing the border, and all our problems will be solved!
After reading some of the posts, many revel in despair while others are taking great care and advantage to get back into an economic groove to move our families, Counties/Towns/Cities, and Country forward. For those of us who are putting their shoulder into it keep at it and for those who aren't, well we will see you November 4th, National Covid Cure Day!!! (This is not a political statement, just an observation) BWC
I haven't noticed much of a change, good or bad. Of course, I have not invested my net worth into a small business either.
Well as long as state employees are getting paid then the economy will do fine. State employees are 70% of the state economy. Mississippi is basically just like North Korea but less independent and less technologically advanced.
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