Mississippi’s Economic Momentum Score Below National Average
May 20th, 2011
State Policy Reports recently released its index of economic momentum—a ranking that takes into account three key economic factors including personal income growth, employment growth, and population growth.
State economic activity as a whole is improving since the recession, but that growth is not occurring evenly among states. Mississippi’s economic momentum score was below the national average and ranked 35thamong states. The table below shows the components of the index and how Mississippi fared compared with the national data.
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Economic Momentum Index Components
In personal income growth, the state fared slightly better than average, ranking 21st among states. However, its overall rank was brought down by lower than average employment and population growth.
The unemployment rate for Mississippi was not a part of the index but was reported in conjunction with the data above. The state’s unemployment rate in March 2011 was 10.2 percent compared with a national average of 8.8 percent.
In total, these data show that the state’s recovery is lagging behind. Employment for families and state revenues for the services that we depend on have not recovered yet and may not fully recover for many years to come. Current employment numbers in Mississippi are still below 1996 levels.
Long-term workforce development and a balanced approach that includes raising revenues are required to get us through the recovery and beyond.
State Policy Reports, Federal Funds Information for the States Volume 29, Issue 5.