Guys, our utility bills are getting out of control. It’s so bad that to save on energy costs, they’re turning off the light at the end of the tunnel. ❌ Oh well, at least we have the soft glow of our ChatGPT boyfriend to rock us to sleep! ☺️
Although the states are united, each of their economies have minds of their own. 🧠 Depending on where you live, your state could be riding high…or treading water in the recession river.
Here’s Five Fast Facts on states and recessions:
- 💰 State of the Union - We usually hear about countries being in recessions…but what about states? According to a new analysis, 22 states are either in a recession or close to it. Together, these states make up roughly a third of the nation’s GDP.
- 🥊 Hit List - Which ones are impacted the most? Those who depend on manufacturing (Georgia, Illinois, Oregon) and agriculture (Kansas, South Dakota). The trade war is doing a number on Iowa’s farmers, and other states are feeling negative impacts from immigration crackdowns.
- 🪓 Cutting Crew - States with heavy federal employment are also feeling the burn. Maryland and Virginia were hit hard with recent federal job cuts. In August, Washington, D.C. hit a 6% unemployment rate.
- 👀 Keep an Eye Out - Who’s on the watch list? California and New York. These two wealthy states are being propped up by a rip roaring stock market. However, the real economy paints a different picture. California holds the country’s second-highest jobless rate (5.5%).
- 🔥 Hot and Unbothered - After all that negativity, is anyone actually thriving? Yes: Florida and Texas where populations are growing like weeds. Other states that are considered “expanding” include Arizona, Pennsylvania, and Wisconsin.
🔥Bottom line: If the economy has you singing the blues, you’re in good company. Many Americans are humming the same tune. In this article, we break down some recent stats on how your fellow citizens feel about their finances and beyond.
How do you feel about your home state’s economy?
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