Image Source: Pixabay
 

The chief economist at Moody’s Analytics used the definition of a recession by the National Bureau of Economic Research to see where each US state was in the economic cycle. 16 states are in expansion and growing economies. 12 states are treading water and not growing the US economy. 22 states are considered to be in a recession. These 22 states represent ⅓ of the U.S. GDP. This state-level picture highlights something very important: while the U.S. is not currently in a recession, the economy is struggling to avoid a downturn. 
 

Source: Mark Zandi, The Business Week Graphic
As of October 22, 2025. This graph was produced by Lucas Juery, CFA, CFP^Ⓡ and is not intended to provide financial advice.

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