Posts Tagged ‘recession’

Schools to dip into reserves; won’t request tax increase

HATTIESBURG — The Forrest County School District will not request a millage increase for 2012-13, but will instead use money from its reserve fund to pay for extra expenses in its budget. The Hattiesburg American reports the school district’s budget for the upcoming school year is $24.9 million, up from last year’s budget of $23.9 […] [...]

Valley State laying off staff due to state budget cuts

ITTA BENA — Mississippi Valley State University is laying off about 4 percent of its staff as a response to continued state budget cuts. Spokeswoman TaRessa Stoval tells The Greenwood Commonwealth the 21 employees being laid off include clerical personnel, service personnel and mid-level managers. The cuts take effect June 30. She says the affected […] [...]

Upon further review: State had negative GDP for 2011

Mississippi dipped back into recession in 2011, with overall economic output shrinking 0.8 percent, according to federal figures released last Tuesday. The Magnolia State was one of only six states where the economy contracted in 2011, along with Alabama, Hawaii, Maine, New Jersey and Wyoming, the U.S. Bureau of Economic Analysis reported. Senior economist Marianne […] [...]

Caesars pulls plug on construction of unfinished casino

BILOXI — Casino operator Caesars Entertainment Corp. says it won’t continue construction of the unfinished casino on the beach in Biloxi, Miss. The company took a $167.5 million non-cash impairment charge on the project, writing off the money spent on the casino before stopping work in 2008. Caesars spokesman Gary Thompson tells the Sun Herald […] [...]

Study: State’s economy saw ‘rough year’ in 2011

ACROSS MISSISSIPPI — The April 2012 issue of the Mississippi Economic Outlook, a quarterly publication replacing the bi-annual Mississippi Economic Review and Outlook, is now available online at www.mississippi.edu/URC. Published by the Center for Policy Research and Planning of the Institutions of Higher Learning (IHL), the Outlook presents the state economic forecast for 2012 to […] [...]

FNC Inc. index finds U.S. home prices still weakening

OXFORD — FNC’s latest Residential Price Index (RPI) indicates that U.S. residential property values continued to show signs of persistent weakening, ending in February with a seventh consecutive month-to-month decline. Despite sharply rising activities in existing home sales and new housing starts from a year ago, prices on non-distressed home sales (excluding foreclosure auction sales, […] [...]

State’s joblessness rate falls to single digits, lowest since July 2009

ACROSS MISSISSIPPI — Mississippi’s unemployment rate fell to 9.5 percent in February, the lowest level since July 2009. Jobless figures for January had first appeared to dip to 9.9 percent in preliminary numbers, but later were revised up to 10 percent. The state recorded a 10.2 percent unemployment rate in February 2011. The number of […] [...]

Gov. Bryant revises his proposed state budget

JACKSON — Gov. Phil Bryant is revising his state budget for the year that begins July 1. In his new plan, released yesterday, the Republican no longer asks local school districts to dig into their own financial reserves to offset state funding cuts. Instead, he proposes giving elementary and secondary schools, community colleges and universities […] [...]

Report: State’s foreclosure rate fell in 2011

ACROSS MISSISSIPPI — The pace of home foreclosures in Mississippi slowed substantially in 2011, following a national trend that may soon be reversed, a national foreclosure tracking firm said yesterday. Irvine, Calif.-based RealtyTrac said that in 2011, 3,172 homes in the state were hit by some sort of foreclosure action. Those range from an initial […] [...]

UMMC letting go 115 workers, cites weak demand

JACKSON — The University of Mississippi Medical Center is reducing the size of its workforce by approximately 115 employees. Coupled with a decision to not fill 90 vacant positions, the UMMC workforce will be about 2 percent smaller than it was at the end of 2011, according to Dr. James E. Keeton, vice chancellor for […] [...]

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