Coincident Contraction

During November, 20 states experienced coincident economic growth with most of the remainder contracting, a few were flat. Since 1979, every time fewer than 23 states were expanding there’s been a recession. Worse, the number of growing states has been deteriorating for six straight months. The closest calls, in 1992 twenty-five states were expanding and in early 2003 twenty-three states were growing, and both times a recession was avoided.