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Fastest Shrinking Local Economy In Every State – 24/7 Wall St.

The US economy continues to show resilience despite rising interest rates and inflation.Nationwide unemployment rises 3.4% in January and April this yearthe lowest interest rate since 1969. labor force participation rate — A key metric that measures the number of adults who have a job or are actively seeking a job — steadily rising After the start of the coronavirus pandemic in early 2020, followed by a sharp decline in business shutdowns.

GDP of the country has grown All but 7 quarters since 2009. These seven quarters include his two quarters in the early months of the pandemic, and shortly thereafter in his third quarter of 2020, when economic activity rebounded significantly.

But in a country the size of the United States, there are many economic winners and losers.

using data from U.S. Bureau of Economic Analysis, 24/7 Wall St. looked at historical data on GDP to find the fastest-shrinking local economies in every state. Counties and county equivalents were ranked based on percentage change in real GDP from 2017 to 2021.

Delaware, Maine, and Rhode Island counties all reported flat or positive real GDP growth from 2017 to 2021, making local economies contract fastest in these states. counties with the lowest GDP growth during this period. (here it is New Prosperity Index Best and Worst State Economies. )

With negative GDP growth from 2017 to 2021, these counties represent areas where a resilient U.S. economy has been left behind in recent years. In fact, the economies of 13 counties on the list shrunk by at least a third, with the most severe contraction hitting 27,564 residents of Adams County in southern Ohio, where the local economy fell by almost half.

The unemployment rate in 22 of these sparsely populated counties is above the 2021 national unemployment rate of 5.3%. These 50 difficult countries have a median population of about 14,000. Only 6 places have a population over her 100,000 and only 3 have a population over 500,000. Honolulu County, Hawaii, the only country on the list with a population of more than 1 million, has been severely affected by the coronavirus pandemic and has restricted air travel. (here it is Cities that will add the most jobs by 2060, according to economists. )

All but eight of these counties have per capita GDP below the 2021 national average of $61,855. Five of those countries (located in Georgia, Arkansas, Alabama, Kentucky, and West Virginia) have his GDP per capita below the 2021 national average. $20,000, Below Greece’s per capita GDP.

Here are the fastest-shrinking regional economies in the United States.

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