NASHVILLE, Tenn. (Story courtesy of WVLT / WSMV) – Over 20 states in the U.S. are in a recession or at risk of being in one, and over 10 states, including Tennessee, are “treading water” into a recession, according to a report by Mark Zandi, Chief Economist at Moody’s Analytics.
According to Zandi, 23 states are in or near recession.
Tennessee is one of 12 states “treading water” into a recession with a 1.87% U.S. Gross Domestic Product.
According to Zandi, the phrase “treading water” describes a state’s economy that is stagnating and not growing significantly, but also is not in a recession.
In his report in September, Zandi said southern states are generally the strongest, but that their growth is slowing.
Zandi said the results are an update to an assessment based on “a wide range of data.” The data includes payroll, household employment, unemployment, a measure of industrial production, personal income, retail sales, and building permits.
Other data Zandi said he used for the assessment are unemployment insurance claims, migration flows, household credit growth, delinquency rates, house prices, Fed servers, and state tax revenues.
“Admittedly, the government shutdown and the loss of economic data from the federal government is complicating this assessment,” Zandi said.
