A new report from Moody’s Analytics warns that 22 U.S. states are either in a recession or on the verge of one, citing slowing immigration, rising tariffs, and federal job cuts as key factors. Chief economist Mark Zandi listed Wyoming, Montana, Minnesota, Mississippi, Kansas, Massachusetts, Washington, Georgia, New Hampshire, Maryland, Rhode Island, Illinois, Delaware, Virginia, Oregon, Connecticut, South Dakota, New Jersey, Maine, Iowa, West Virginia, and Washington, D.C., among those affected.
The findings follow a sharp drop in national hiring plans, which have fallen to their lowest level since 2009. Employers have announced 205,000 new jobs this year, a 58% decline compared with 2024.
Economist Michael Szanto told NewsNation that President Donald Trump’s new tariffs have worsened the slowdown. “We have the highest tariff rate regime in over half a century,” Szanto said, adding it will challenge consumers and the broader economy.
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