The Economic Outlook Mississippi University Research Center Mississippi Institutions of Higher Learning Darrin Webb, State Economist [email protected](601) 432-6556 To subscribe to our publications, email Janna Weller at [email protected]Visit our website for state and county level economic data www.mississippi.edu/urc Follow URC on Twitter @MississippiURC
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The Economic Outlook · 2020-07-29 · The Economic Outlook Mississippi University Research Center Mississippi Institutions of Higher Learning Darrin Webb, State Economist [email protected]
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The Economic Outlook Mississippi University Research Center
Mississippi Institutions of Higher LearningDarrin Webb, State Economist
To subscribe to our publications, email Janna Weller at [email protected] our website for state and county level economic data www.mississippi.edu/urcFollow URC on Twitter @MississippiURC
FY 2020 Estimate represents a decline of $864.4 Million below November Estimate.FY 2021 Estimate represents a decline of $367.1 Million below November Estimate.These estimates reflect a shift of $436 million from FY 2020 to FY 2021 due to change in filing dates.
Final Comments
• Income supported by unprecedented federal transfer payments (stimulus and additional unemployment claims)
• Projections always include assumptions about unknownsCurrent level of unknowns are elevated Assumptions for current situation can change dramatically with new informationUseful revenue data is limited – April Revenue report reveals very little
• Expect basic story to remain the same – Short Recession, Long Recovery• deepest hit in 2020Q2 • conditions begin to improve in Q3 as economy restarts; a relative short recession• Recovery continues into Q4 and through 2021-22 • Depth of recession means prolonged period before full recovery• MS follows similar pattern but is slower to fully recover; possibly 2023