Economist Mark Zandi says 22 states are already in recession based on 2 clear indicators. How to protect yourself now
The National Bureau of Economic Research (NBER) defines a recession as a "significant decline in economic activity that is spread across the economy and that lasts more than a few months."
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In a recent MarketWatch report, Mark Zandi, chief economist at Moody’s Analytics, said 22 of America’s 50 states — as well as the District of Columbia — are already in a recession, and if certain states start experiencing their own declines in growth, it could tip the entire country into a broad economic slump (2).
And while that sounds ominous, the good news is there are steps you can take to gear up for a potential economic decline.
The 22 states in recession
The states that Zandi believes are in recession are: Connecticut, Delaware, Georgia, Illinois, Iowa, Kansas, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Montana, New Hampshire, New Jersey, Oregon, Rhode Island, South Dakota, Virginia, Washington, Washington, D.C., West Virginia and Wyoming.
https://finance.yahoo.com/news/economist-mark-zandi-says-22-125900315.html
I'm in Washington state. While things don't seem so bad yet Amazon and Microsoft have announced layoffs. Don't know how much a chain reaction there will be.
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I assume most don't have cash laying around. They have likely been putting things on credit hoping that things would turn around. And now they are living paycheck to paycheck and what's left in their sofa cushions.
Almost 2 in 5 cardholders (37 percent) have maxed out a credit card or come close since the Federal Reserve began raising interest rates in March 2022, according to Bankrate’s new Credit Utilization Survey. That includes 20 percent who have maxed out a card and another 17 percent who came close.
A maxed-out card can create a cascading set of problems for consumers. Their available credit dries up, limiting their options if they need to cover a necessary expense in a pinch, such as unexpected medical or household expenses.
...https://www.bankrate.com/credit-cards/news/credit-utilization-survey/
https://www.cnbc.com/2024/10/17/survey-nearly-2-in-5-cardholders-have-maxed-out-a-credit-card-or-come-close.html
