In the latest report, the 4th Quarter 2015 economic growth was downgraded from a previous 1.4% to just 0.9%. To me, and I assume others, this was no surprise, because back in June, the Bureau of Economic Analysis released a rather dismal view of State-by-State economic growth for that very same quarter. Note the following pictorial that was included:
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Click on Image to Enlarge |
As you can see from this map, 8 states had negative economic growth. Two states, including New York, had no growth, and three grew only one tenth of a percent. Two additional states had growth of four-tenths of a percent or less. Many more stand at less than 2%.
The bottom line, here, is that there are too many state economies that are struggling. A fact that could be signaling a recession in the not too distant future.
References:
Falling Productivity and the Sad State of Our Economy:
http://cuttingthroughthefog.blogspot.com/2016/08/falling-productivity-and-sad-state-of.html
Source of Map:
http://www.bea.gov/newsreleases/regional/gdp_state/2016/pdf/qgsp0616.pdf
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