Major U.S. States Face Recession Risks, Moody's Warns
TL;DR Summary
The economic struggles of California and New York, two of the largest US states, could potentially lead to a nationwide recession if they worsen, as their economies are crucial to the overall US economic health. California faces a slowdown and job losses, while New York's economy is currently strong but vulnerable due to reliance on finance and real estate sectors, and potential outmigration. Experts warn that the economic trajectories of these states are key indicators for the broader US economy.
- If New York or California enter a recession, the entire U.S. economy would be next. So how are they doing? Morningstar
- California ‘treading water’ as 22 states near recession, Moody’s says San Francisco Chronicle
- 22 states are in a recession or close to it, new analysis finds Axios
- Moody's lists Maine as one of 22 states facing recession WGME
- Roughly half of U.S. states are effectively in a recession and ‘hanging on by their fingertips,’ Moody’s chief economist says Fortune
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