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When it comes to gauging the economy’s movement into or out of a recession, it’s important to understand that it’s a gradual process rather than an abrupt event. We shed light on this concept by examining the unemployment rate changes across different states to determine which ones are at the forefront of the recession and which ones are relatively stronger.
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A recession is an economic downturn characterized by a significant decline in economic activity, including a decrease in gross domestic product (GDP), rising unemployment rates, and significant reductions in consumer spending. Historically, recessions are part of the natural economic cycle and have occurred throughout various periods.
Across the United States, recessions can affect individual states differently based on their unique economic landscapes and industries. While the nation as a whole may be experiencing economic growth, specific states may find themselves lagging behind, facing the challenges of a recession.
Currently, several states are undergoing such economic downturns, grappling with numerous factors that have led to their stagnant growth. Here are some states that are currently in a recession:
1. Alaska: With an economy heavily reliant on oil, Alaska has been severely affected by the decline in oil prices since 2014. As a result, the state has struggled with budget deficits, job losses, and a decrease in investments, leading to an economic recession.
2. Wyoming: Another state highly dependent on natural resources, Wyoming has faced a decline in coal production, causing major job losses and a reduction in revenue. This decline, combined with a decrease in oil and gas prices, has resulted in a recession affecting various sectors of the state’s economy.
3. New Mexico: A decline in the energy sector, particularly oil and gas, has significantly impacted New Mexico’s economy. This decline has led to decreased revenues, budget shortfalls, and subsequent reductions in state spending.
4. West Virginia: Historically reliant on the coal industry, West Virginia has seen a decline in coal production due to a shift towards cleaner energy sources. This decline has caused significant job losses and economic challenges in the state.
5. Louisiana: Known for its oil and gas production, Louisiana has been hit hard by the decline in the energy sector. Furthermore, natural disasters such as hurricanes have further hampered the state’s economic growth, resulting in a recession.
These states facing recessions have diverse economies and rely heavily on specific industries that have experienced significant setbacks. Consequently, job losses, decreased consumer spending, and overall weaker economic performance have become evident.
However, it’s important to note that recessions are not permanent, and states can recover over time. Initiatives aimed at diversifying the economy, attracting new industries, and promoting investments can play a crucial role in stimulating economic growth and recovering from a recession.
In the case of these recession-hit states, policymakers, business leaders, and communities must collaborate to identify new economic opportunities and establish measures to mitigate the impacts of economic downturns. Factors such as supporting entrepreneurship, investing in education and skills training, and exploring alternative energy sources can lay the groundwork for future economic resilience.
While these states may currently be in a recession, it’s crucial to view economic struggles as opportunities for growth and development. By adapting to changing economic circumstances and embracing forward-looking strategies, these states can set the stage for a brighter future, with a diversified and sustainable economy.
I never miss one of Eric's videos. They are among the best.
Im going to watch all your videos straight as my "particular series marathon"..
Nice data without all the typical YouTube theatrics and nonsense. Thank you!
Yet another YT channel trying to spin some silly narrative that simply is not true. Yawn.
I live in California. I do not see a recession here, as you colored US map shows. I’ve lived here for 30 years, and have never been out of work. California has a very strong economy.
Which states are leading the US recession? Blue states with big cities. Gee I wonder Why.
Woke states are broke states.
By Rob Manning (OPB)
June 14, 2023 4:12 p.m.
Oregon’s jobless rate fell, while the national rate went up. Both ended up at 3.7% for May.
Oregon’s unemployment rate improved last month, falling from 4% to 3.7% from April to May, according to figures released by state officials Wednesday. Over that same time, the national jobless rate went in the other direction, rising from 3.4% to 3.7%.
Oregon’s unemployment rate has improved by a full percentage point since February, when it was 4.7%.
Still, senior economic analyst at the Oregon Employment Department Anna Johnson said job growth in the state is not as rapid as it was a few months ago.
Glad i moved to Iowa in 2022
California is hemorrhaging valued tax payers and corporate HQs.
Governer Whathisname is on camera denying this by answering questions by spouting carefully picked statistics.
With other states soon to follow. With a corrupt imbecile and Obama's talking head in the white house what can you expect?
Go woke, go broke those states deserve it
BLS lives matter! LOL
There is something interesting about the states on the top / bottom. Can’t put my finger on the correlation.
Fwiw, If you’re buying a house, you will still want to talk to a good number of people to find the local deals. Similar to how recessions differ by state, cities by cities, and even neighborhoods can differ by housing prices.
Love this research, teaches about economics, but also the world itself, and morality.
Nope. Despite any data… if Biden says we are good, then we are not in a recession – especially when we can print more money & raise the debt ceiling. C'mon man, you ain't a data scientist.
EPB Research- It seems to me that the labor participation rate would be a better gauge of employment as compared to the unemployment rate. Why do we hear very little about the labor participation rate in the news and from the government?
Get rid of blue cities!
I absolutely love your videos and how you very thoughtfully present your topics. Once I came across one, I was so impressed and fascinated, I spent much of a weekend watching and, often, rewatching them. Shared with my coworkers as well, as we are quite puzzled over the markets, economy, and what the leading economic indicators are saying. Keep up the great work!
States with good unemployment insurance. Okay guy.
The leading woke brain dead states are the same ones with employment issues, hilarious. You can't make this stuff up.
Recession coming… in 10 years
Massachusetts ? No way. Economy hot here …. cannot find enough workers. Recession proof industries abound here … medical, education, military .
Covid 2.0 incoming
I'm curious what it would look like when you include underemployed and those who gave up looking for employment. This was talked about very little during election seasons and often forgotten due to how the numbers really appear when you include them.
I noticed you don't have a lot of states on your list of unemployment rate. (Like Maryland) Do some states not provide this info?
I'm so glad I listened to you and held off on buying our first home. The home my wife and I were going to buy has dropped -16% since January of this year alone. 2026, 2027 will be the year to buy again. Once all the dust settles. Thank you, again!
RE prices CONTINUE rising FAST in Indiana… Certainly surrounding Indianapolis.
Biden states are leading the way down.
Good metrics
Dont think most of your audience understands the point of your research.
Is there the same info for EU countries? It would be really cool to see the same info for EU.
Blue state… followed by Blue state… followed by Blue state… followed by Blue state
Good stuff
good analysis. makes sense. thx EPB.
The insured unemployment rate can be up due to inflation as well
People in Oregon only dreaming to go to to RECESSION
TBH this sounds like an attempt to justify the months or years of predicting the recession that never happens.
This is faulty analysis that doesn't take into account political decisions made in state vs state in regards to how many people can access unemployment benefits. Red states are going to have many more unemployed people not receiving benefits than blue states, to a point where it distorts the economic picture.
I do not think this rate is a good metric to compare states when the two parties have such drastically different ideologies on unemployment insurance.
Thank you for your time and research. I love economics, but I run multiple businesses and don't have time to do the research. Your insights help me make straregic moves in my business.
Plus its great that we seem to follow similar economic theories.
ALWAYS good info and the graphics make it easy to follow the statistics. thanks for putting this info together in an easily digestible format.
MA data is due to fraud
@EPB Research Hey I did some digging around and you know what I found??? A lot of people during COVID re-financed with loans deep in the 30 years, why would a person who is deep in to their loan re-start a new 30 year loan? OK yes some took on 15 year loans makes sense, some maybe in financial stress but I have a feeling here, that a lot of people that re-financed during COVID guess what? They are planning to sell their home. Online sources say 17% of loans made between 2010 and 2014 were refinanced they got to be planning to sell their homes no?
dumbed it down for us, but need it even dumber 😛
Yes, and the other 45 states are in an outright DEPRESSION.