Almost every state in the Union is experiencing the same rate of jobs recovery, according to the New York Fed.
Except one: North Dakota.
You may have heard they have an oil boom going on.
That has resulted in the following chart plotting per cent of jobs lost during the recession against per cent gained back during the recovery:
Compare this with 1990, which saw a wider range of winners and losers:
And here’s the map version:
Fed researchers Jason Bram and James Orr write there are likely two main reasons for the rests of the union clustering together:
- There’s evidence to show states can see heavy job losses without it affecting underlying growth rates
- All states are now trying to overcome the same macro headwinds
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