21 states where recession bells are ringing after unemployment jumps
Rising unemployment in 21 US states points to a recession later this year, Piper Sandler's Nancy Lazar says.Peter Zelei Images/Getty ImagesRising unemployment in nearly half of US states points to a recession this year, one economist says.21 states have seen a jump in joblessness over the last year, Piper Sandler's Nancy Lazar told BI.Here are the states signaling a recession is on the way.Unemployment has risen sharply in nearly half of US states, paving the way for a recession later this year, one top economist says.Piper Sandler's chief global economist, Nancy Lazar, highlighted 21 states to Business Insider where three-month average unemployment has risen by at least 0.5 percentage points over the past 12 months. The states in question account for over 40% of US GDP.When unemployment has jumped by that much, in that many states, a recession has almost always followed, Lazar said. The economic indicator is known as the "Sahm Rule."Here are the 21 states signaling a recession may be on the way:1. Rhode IslandProvidence, Rhode Island.Mihai_Andritoiu/ShutterstockThree-month average unemployment rate: 4.03%Lowest unemployment rate in past 12 months: 2.63%Change: +1.40%2. ConnecticutHartford, Connecticut.Sean Pavone/ShutterstockThree-month average unemployment rate: 4.47%Lowest unemployment rate in past 12 months: 3.33%Change: +1.13%3. WashingtonShutterstock/Edmund Lowe PhotographyThree-month average unemployment rate: 4.77%Lowest unemployment rate in past 12 months: 3.80%Change: +0.97%4. LouisianaSean Pavone/ShutterstockThree-month average unemployment rate: 4.30%Lowest unemployment rate in past 12 months: 3.37%Change: +0.93%5. MaineBoats docked in Portland, Maine.Darryl Brooks/ShutterstockThree-month average unemployment rate: 3.27%Lowest unemployment rate in past 12 months: 2.40%Change: +0.87%6. New HampshireConcord, New Hampshire.Wangkun Jia/ShutterstockThree-month average unemployment rate: 2.60%Lowest unemployment rate in past 12 months: 1.80%Change: +0.80%7. CaliforniaSan Francisco, California.Alexander Spatari/Getty ImagesThree-month average unemployment rate: 5.30%Lowest unemployment rate in past 12 months: 4.50%Change: +0.80%8. West VirginiaCharleston, West Virginia.Shutterstock.comThree-month average unemployment rate: 4.30%Lowest unemployment rate in past 12 months: 3.50%Change: +0.80%9. OregonSalem, Oregon.Shutterstock/Victoria DitkovskyThree-month average unemployment rate: 4.20%Lowest unemployment rate in past 12 months: 3.43%Change: +0.77%10. AlabamaSean Pavone/ShutterstockThree-month average unemployment rate: 3.03%Lowest unemployment rate in past 12 months: 2.30%Change: +0.73%11. New JerseyJersey City, New Jersey.Walter Hickey / BIThree-month average unemployment rate: 4.77%Lowest unemployment rate in past 12 months: 4.03%Change: +0.73%12. MontanaHelena, Montana.Matt Volz/AP PhotoThree-month average unemployment rate: 3.27%Lowest unemployment rate in past 12 months: 2.53%Change: +0.73%13. AlaskaAnchorage, Alaska.Jacob Boomsma/ShutterstockThree-month average unemployment rate: 4.60%Lowest unemployment rate in past 12 months: 3.87%Change: +0.73%14. ArkansasLittle Rock, Arkansas.Walter Bibikow/Getty ImagesThree-month average unemployment rate: 3.50%Lowest unemployment rate in past 12 months: 2.83%Change: +0.67%15. ColoradoDenver, Colorado.Albert Pego/ShutterstockThree-month average unemployment rate: 3.63%Lowest unemployment rate in past 12 months: 3.00%Change: +0.63%16. MarylandBaltimore, Maryland.Sean Pavone/ShutterstockThree-month average unemployment rate: 2.50%Lowest unemployment rate in past 12 months: 1.90%Change: +0.60%17. IllinoisChicago, Illinois.Luis Boucault/ShutterstockThree-month average unemployment rate: 4.80%Lowest unemployment rate in past 12 months: 4.20%Change: +0.60%18. OklahomaOklahoma City, Oklahoma.Paul Brady Photography/ShutterstockThree-month average unemployment rate: 3.53%Lowest unemployment rate in past 12 months: 2.97%Change: +0.57%19. KentuckyLouisville, Kentucky.ShutterstockThree-month average unemployment rate: 4.50%Lowest unemployment rate in past 12 months: 4.00%Change: +0.50%20. OhioCincinnati, Ohio.aceshot1/ShutterstockThree-month average unemployment rate: 3.83%Lowest unemployment rate in past 12 months: 3.33%Change: +0.50%21. MissouriJefferson City, Missouri.DenisTangneyJr/Getty ImagesThree-month average unemployment rate: 3.33%Lowest unemployment rate in past 12 months: 2.83%Change: +0.50%Read the original article on Business Insider
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