Mississippi recovery off and on

State economist cites figures for sales and jobs

Employment is up but housing sales are sluggish, blunting otherwise good economic news for Mississippi, State Economist Dr. Darrin Webb says.

Seven of the eight leading economic indicators showed i mprovement from April to May, and this shows an improving state economy that continues a weak recovery from the Great Recession.

“Despite the discussion of a national recovery in the housing market, Mississippi building permits remain relatively low,” Webb wrote.

Webb made the com- ments in “Mississippi Business, Monitoring the State’s Economy,” a monthly publication of the state Institutions of Higher Learning’s University Research Center.

The national economy also is sending mixed signals that show an up-anddown economic recovery.

“Housing, auto sales, and job growth are the bright spots,” Webb wrote.

But fallout from the federal government’s spending cutbacks and higher payroll taxes, coupled with problems in the global economy “are the dismal reminders that growth could be dampened in the coming months.”

Among the good news, Webb found the state added 2,700 jobs in May for a total of 20,800 since September. “This is the strongest employment growth in the state since before the recession,” he noted.

More than a third of the new jobs — 7,400 — were in the professional and business services sector.

Other job gains occurred in leisure and hospitality (4,100) con- struction (3,500) and government (3,400).

Manufacturing, though, recorded a decline of 1,500 over the same period.

Gov. Phil Bryant, in reporting the state ended its fiscal year June 30 with $295 million more than expected, said the betterthan- expected revenue collections are a sign of an improving economy.

“I am very pleased to see Mississippi’s economy showing such strong signs of improvement,” Bryant said.

“We are working hard to build a business-friendly climate that attracts new jobs and new business investment, and we are seeing the results.”