Midwest economy is up for 6th month

Published 10:15 am Tuesday, June 1, 2010

A business conditions index for nine Midwest and Plains states continues to signal go for the regional economy.

In a report released Tuesday, the May Business Conditions Index for the Mid-America region rose for the sixth month in a row, to 64.2 in May from 61.7 in April.

The index, which ranges from zero to 100, is overseen by Creighton University economics professor Ernie Goss. Goss says scores above 50 suggest economic growth in the next three to six months, while scores below 50 suggest a contracting economy in the coming months.

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The survey was compiled from supply managers and business leaders in Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.

In other business news, Mississippi River Corp. in Natchez, Miss. has been sold for $8.2 million to a private equity firm, Wayzata Investments Partners LLC of Wayzata.

The Natchez Democrat reports that according to a U.S. Bankruptcy Court documents, Wayzata assumed responsibility for MRC’s debt, including $684,206 in back property taxes owed to Adams County and $309,660 owed to the county for loans to expand warehouse space.

MRC employed 60 people in February when it filed for Chapter 11 bankruptcy, citing low demand and low prices in the previous year.

MRC produces various grades of market de-inked recycled pulp that can be converted into end products such as file folders, paper towels, tissue paper and copy paper.