This explains why many Americans have yet to believe that the U.S. economy has rebounded. It’s because while the U.S. as a whole may have rebounded, many individual states are still in recession according to an analysis of the Philly Fed coincident indicators by Calculated Risk.
In the past month, the indexes increased in 21 states, decreased in 22, and remained unchanged in seven for a one-month diffusion index of -2. Over the past three months, the indexes increased in 18 states, decreased in 25, and remained unchanged in seven for a three-month diffusion index of -14.
[While the recession ended for the nation in July 2009] ‘just over half the country was still in recession in February according to this index.’
Economic activity in any state coloured from light pink to dark red is still contracting according to this analysis of the Philly Fed data:
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