New York”™s economy led the nation for economic shrinkage during the first quarter of this year while Connecticut”™s economy had the least shrinkage among the New England states, according to data from the U.S. Bureau of Economic Analysis.
During the first three months of the year, the real gross domestic product decreased on a year-over-year measurement in all 50 states and the District of Columbia, with New York and Nevada tying for the greatest shrinkage at 8.2%. The Bureau of Economic Analysis stated that “finance and insurance was the leading contributor to the decrease in New York.”
Connecticut”™s 4.6% year-over-year decline ranked 18th in the nation, below the New England average of 5.2%.
“Accommodation and food services decreased 26.8% nationally and contributed to the decreases in all 50 states and the District of Columbia,” according to the report. “This industry was the leading contributor to decreases in 29 states and the District of Columbia, including Hawaii the state with the third largest decrease. Finance and insurance; health care and social assistance; and arts, entertainment, and recreation decreased 9%, 7.8%, and 34.7%, respectively, and also contributed to the decreases in all 50 states and the District of Columbia.”
The data showed that agriculture, forestry, fishing and hunting increased 15.5% nationally, with this industry serving as “the leading contributor to moderating decreases in 17 states including Nebraska, the state with the smallest decrease.”
Wasn’t NYs economy shirking before Covid-19? The state budget started $6 Billion in the hole and then Cuomo left spending the same and has done nothing since to reign in any sort of expense.
The Feds aren’t going to help states that give illegals benefits at the expense of its citizens. Why would they?