Recent Updates
- Thailand: Reserve Money (Mar)
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Economy in Brief
U.S. Wholesale Inventories Post Strong February Gain; Sales Fall
Wholesale inventories increased 0.6% (2.0% y/y) during February...
U.S. Initial Unemployment Insurance Claims Unexpectedly Increase
Initial claims for unemployment insurance rose to 744,000 during the week ended April 3...
Total PMIs Gain Traction in March
The PMI readings for March show improvement again...
U.S. Consumer Credit Outstanding Bounces Back in February
Consumer credit outstanding surged $27.6 billion during February...
U.S. Trade Deficit Widens to Record during February
The U.S. trade deficit in goods and services widened to $71.1 during February...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Charles Steindel October 2, 2020
Unsurprisingly, all states (as well as DC) saw double-digit rates of decline in real GDP decline in the second quarter. The range was wide, varying from DC's -20.4 percent to Hawaii and Nevada's -42.2. In general, the declines were larger in more industrialized states, states more heavily dependent on travel and tourism (as Hawaii and Nevada clearly illustrate), and states which had longer and stricter lockdowns. In general, states in the Northeastern quadrant of the nation saw larger declines than those elsewhere. Delaware and Utah stood out for “modest” rates of declines (respectively, 21.9 and 22.4 percent). Tennessee was an anomaly on the other ends, with a 40.4 percent rate of decline in a state one would not think of as very dependent on travel. However, the drop in travel-related sectors was exceptionally large in the Volunteer State.
Most likely, all—or virtually all—states experienced double-digit rates of growth in the third quarter. An interesting question will be if any fully reversed the declines in the first half of the year.