The U.S. States Where Recession Is Already a Reality
Dale Oxley doesnt need to hear about rising odds of a U.S. recession to dread the future. For the West Virginia homebuilder, the downturn has already arrived.
Everyone is going to have to tighten their belts, said Oxley, the 48-year-old owner of a Charleston-area construction company. The next couple of years are going to be difficult.
As economists size up the chances of the first nationwide slump since 2009, pockets of the country are already contracting. Four states -- Alaska, North Dakota, West Virginia and Wyoming -- are in a recession, and three others are at risk of prolonged declines, according to indexes of state economic performance tracked by Moodys Analytics.
The regions suffering the most are in the flop stage of the energy industrys boom-to-bust cycle, and manufacturing-dependent areas hurt by a rising dollar are at risk of receding. Whether the weak links break the entire U.S. economy will hinge largely on a group thats benefited from the energy price collapse: American consumers.
The impetus for weakening regional economies is the huge fall in energy prices and other commodities prices, which is taking a tremendous toll, said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities Inc. in New York, who is concerned of a broadening into a national recession. If the consumer were to falter for any reason, that would be a big problem.
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http://www.bloomberg.com/news/articles/2016-02-22/recession-already-reality-in-spots-from-west-virginia-to-wyoming
redstatebluegirl
(12,265 posts)as we do the national one! Look at how much "energy" is spent arguing about Bernie vs. Hillary when the state governors and legislatures are killing our country from the inside. How many of the constant posters on the primary page vote in the "off year" elections?
MrTriumph
(1,720 posts)By any credible definition, the US is NOT in a recession. R's are trying to talk us into one for political reasons. Looks like the Bloomberg staff have their instructions as well.
The fact is, we have one of the strongest economies in the world. No brag. Just fact.
Wellstone ruled
(34,661 posts)basically post this story. There was a more in depth story about two weeks ago,and in that story,it said there was seven states in trouble. BTW,they all were GOP led and GOP controlled States. Our Nation is not in recession,only in the minds of the GOP and never do you here mention of States like Minnesota,Iowa,or California,Oregon and Washington State. Democratic Party led. Go figger!!! When a state goes all in on some boom bust thing,well,you are going to get a huge chunk taken out of your butt.
Downwinder
(12,869 posts)and Medicare since 2001.