This is the start of the Back to School shopping season and Tax-Free Weekend is Friday and Saturday. It is the weekend when people traditionally shop for their kids and spend a little extra money on a night out or weekend get-together before school starts.
According to the state’s economist, it might take two years for the Mississippi economy to completely recover from the COVID-19 recession despite it being the shortest one on record.
Now that numbers for now-concluded fiscal 2020 are in, comparisons can be made between COVID-19 recession and the Great Recession that lasted from December 2007 until June 2009.
Darrin Webb is the state’s economist for the Institutes for Higher Learning. He told the Northside Sun that he believes this recession is likely to be a lot shorter than the Great Recession, which lasted about 18 months before recovery began. According to Webb, the COVID-19 downturn will be the shortest recession on record.
He said the consensus for most economists is that the COVID-19 related recession began in March and ended in May, but that the biggest difference between the two was that 2020 had a much deeper dive when it comes to economic activity (11.3 percent decline vs. a 3.3 percent decline during the Great Recession).
The business community agrees with Webb, according to research from accounting firm Ernst & Young Global Limited. According to a March survey of corporate executives called the Global Capital Confidence Barometer, 54 percent think that the recovery will be a slower one that extends in 2021.
Webb thinks the commonality between both recessions is that the recovery time could take nearly two years for gross domestic product (which is a measure of all economic activity) levels to rebound to pre-recession levels.
Is the coronavirus news?
Your Clarksdale Press Register had a story in last week’s paper about proper flu hygiene and how people need to take care of themselves and prepare for this illness.
If you “Love” Clarksdale, then buy your guy or gal a gift from a Clarksdale store this week.
January and February are two of the toughest months in the retail and restaurant business. Cold weather and short days tend to make people scurry home after work, and besides you gave your lover something at Christmas!
There are jobs out there if you want one.
Unemployment is at record lows of about 4- to 5-percent at the state level and about 7 percent in counties across the Delta region. Coahoma County notched a 5-percent in December.
Christmas is more than toys and pretty lights and yes, there is much commercialism of this holiday. But the truth is, Christmas is the time of the year that many businesses make up to 40 percent of their sales. It is the time of year churches promote special giving to finance ministries.
I have had the opportunity to live in several different communities and it is always neat to see how a neighborhood or town celebrates Christmas.
The holidays are all about tradition and often locals don’t see those time-honored events for what they really mean to the community.
Clarksdale is no different.