The US is currently battling a wave of economic and financial downshifts. A fresh analysis presented by a notable financial expert, Game of Trades on X, has outlined a new statistical insight highlighting the state of the recession and currency erosion in the US.
Per the new update, half of the US states are currently undergoing a recession, with key economic metrics falling, signaling a bearish market stance.
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Half of the US States Are Experiencing a Recession
The analysis outlined by Game of Trades on X elaborated on the significant downswing that half of the US states are currently experiencing. Per the shared analysis, in Q4 2023, 22 US states went through an economic meltdown.
Dubbed an economic contraction, these states are undergoing repressed economic growth, with indicators such as state unemployment rates, average manufacturing hours worked, real wages, and non-farm payroll employment hitting rock bottom.
Game of Trades later went on to dissect the current recession in the US. The handle quickly states reasons, outlining how the “vulnerable” states are prone to entering stark economic crunches and meltdowns.
“Recessions don’t occur overnight, with all states simultaneously entering one. Weaker and more vulnerable states tend to be the first to experience a recession. Once a certain threshold is reached, it becomes inevitable that other states will follow suit.”
The analyst later went on to outline a serious detail in the mix. Game of Trades further accentuated that the US may soon enter its official recession phase, given that 22 of its states are already battling economic woes and unwanted shifts.
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However, Game of Trades later clarified how half of the US states are still healthy, outlining the need to practice caution and pay heed to burning economic markers.
The USD Erosion Continues
With half of the US states inching towards recession, it seems that the US dollar, on the other hand, is battling its own political and economic woes.
USD has lately been underperforming, with contenders like Kenyan Shilling winning the monetary race ahead.
Similarly, a new development was spurred by Russian Prime Minister Vladimir Putin. Putin has been urging the Middle East oil producers to ditch the US dollar.