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Neighbor state Massachusetts ranked first in the nation.
Although at least 36 states had planned to make additional rainy day fund (RDF) deposits in fiscal 2020, the fiscal and economic strain inflicted by the Covid-19 pandemic prompted at least 17 to make or authorize withdrawals from those funds, according to the analysis.
Justin Theal, an officer with The Pew Charitable Trusts’ State Fiscal Health team, calls Connecticut “one of the most financially secure states going into the recession.”
Connecticut’s poor performance was attributed to losses in its manufacturing sector, particularly in the chemical industry.