Nine States Sliding into Economic Downturn

Nine states face economic contraction, the most since the 2009 crisis. A Federal Reserve Bank of Philadelphia forecast predicts West Virginia’s economy will shrink the most of any state in the coming months. (F. Brian Ferguson / Charleston Gazette-Mail)  We at Boothe Global Perspectives have been charting economic trends for years and continue to see data that suggests a good probability of spreading recession ahead. No doubt the recent rise in oil prices as a result of the military execution of Iran's most prominent military leader has created uncertainty about the free flow of oil through the Strait of Hormuz. This could be a boom for oil drillers in Texas, New Mexico, Oklahoma, North Dakota and Pennsylvania but could be a negative for big trucking, big rail, airlines and many of the northeastern states that do not produce oil and use it not only for transportation but for heating. Generally, the addition of thousands of new American troops in the Middle East because of disruptions caused by the murder of an Iranian military hero will increase the U.S. national deficit. We do not know to what extent China and the USA will end or ease trade wars and tariff battles, but almost all economists believe that the trade wars have created far more economic loss and cost to Americans than anyone in Washington, D.C. imagined. But now in an election year, nine states are looking at economic downturns, including New Jersey, Kentucky, Connecticut, Pennsylvania and Oklahoma. Several of these were Republican "Trump" states, where he had promised jobs and growth. This could impact an election. We credit Bloomberg and the LA Times for publishing this online first, and compliment their research. Ben Boothe, publisher:  BootheGlobalPerspectives     ORIGINAL ARTICLE By BLOOMBERG JAN. 3, 2020     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.…

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