Nine states face economic contraction, the most since 2009 crisis

[left-of-center2012]

Nine states’ economies are expected to slide into contraction within six months — the most since the financial crisis ended more than a decade ago, according to the latest projections from the Federal Reserve Bank of Philadelphia.

West Virginia’s economy is forecast to shrink the most, while a decline in neighboring Pennsylvania is anticipated to be the most severe since May 2009 during the tail end of the Great Recession, figures released this week show. A faltering economic outlook in coming months would probably cast a shadow over President Trump’s reelection bid.

Delaware, Montana and Oklahoma are still expected to face shrinking economies in the next six months, as predicted in the analysis for the prior month. The list of states was expanded to include contractions on the horizon for Vermont, New Jersey, Kentucky and Connecticut.

The index predicts the six-month growth rate by analyzing state data including housing permits, initial unemployment insurance claims, delivery times from the Institute for Supply Management manufacturing survey, and the interest rate spread between the 10-year Treasury bond and the 3-month Treasury bill.

https://www.latimes.com/business/story/2020-01-03/states-economic-contraction

[Bummfuzzle]

1. I listened to an ad on the radio at least four times say, the declining economy.

I was surprised because I have not heard declining economy at all put out to the public. With stagnant wage and increase in cost of living, most of us are financially stressed. But, I thought that interesting.

[Indykatie]

3. If You Check TheLayoff.com Website You Are Not Surprised That Jobs Are Disappearing

Cummins in my State has announced its cutting 2000 professional jobs starting this month. Those cuts follow 500 cuts from an early retirement offer in December. Folks need to wake up and realize the stock market doesn't equal a good economy. By the way Cummins' stock is soaring. Low wage service jobs are still plentiful and many folks are working 2 of those jobs to make ends meet.

[vsrazdem]

2. Yes, I fear it is coming, and I am afraid it is going to be de ja vu. I was getting almost daily

calls from my mortgage company to refinance my home, and I thought no way was I doing this. I bought at the downswing in 2007, but it still had not hit bottom and my home value went 50,000 below what I paid for it. It finally came back up to an inflated value of over 50,000 what I paid and people are in a tizzy to refinance. No way am I getting into that mess. I am afraid we will eventually fall again and the foreclosures will be happening all over.

[jpak]

4. So much winning!

But many will still vote for The Asshole anyway.

Pity the fools.

yup!

[pwb]

5. Farmers got a lot of money but it didn't create demand for goods that support farming.

Trumps way. All the money to the few.