Q3 Slowdown in Real GDP Growth Evident in Nearly Every State
Real GDP expanded in 37 States, but at a more moderate pace
This just in from WELLS, breaking down state-level growth and as rear-view this sort of data may be, there’s an element of having to know where you came from to have sense as to where yer headed?
SUMMARY
State level GDP is the state counterpart of the nation's GDP, which expanded at a 2.3% on a seasonally adjusted annualized rate (SAAR) during the third quarter. Forty-nine states and the District of Columbia posted a more moderate rate of real GDP growth in Q3 compared to the previous quarter, as supply chain bottlenecks, intensifying inflation, labor shortages and a resurgence of the pandemic weighed on economic activity. Delaware was the only state to see real GDP accelerate in Q3.
AND when you CLICK THRU, you’ll find these bullets
Forty-nine states and the District of Columbia posted a more moderate rate of real GDP growth in Q3 compared to the previous quarter, as supply chain bottlenecks, intensifying inflation, labor shortages and a resurgence of the pandemic weighed on economic activity. Delaware was the only state to see real GDP accelerate in Q3.
State level GDP is the state counterpart of the nation's GDP, which expanded at a 2.3% on a seasonally adjusted annualized rate (SAAR) during the third quarter.
On a quarterly SAAR basis, real GDP rose in 37 states during 2021Q3, while 13 states registered a decline.
Several states expanded at a rate faster than the national average, notably Hawaii (6.0%), Delaware (4.7%), Massachusetts (3.7%), New Jersey (3.7%) and Florida (3.7%).
States posting notable declines include North Dakota (-3.3%), New Hampshire (-3.3%), Louisiana (-2.7%), Wyoming (-1.5%) and Idaho (-1.0%).
Most major industry groups (13 out of 21) saw economic output rise during Q3.
Professional, scientific and technical services, a category that captures many tech and life sciences firms, boosted GDP in every state and was the leading contributor in 18 states.
The finance and insurance industry was another standout. The sector was the top contributor in 13 states and supported overall growth in every state.
Output in the hard hit leisure and hospitality industry remains on a path to recovery, but is still running well below pre-pandemic levels in most states. Real leisure and hospitality output, which is a measure of the volumes of hotel room nights, paid attendance at entertainment venues and number restaurant meals purchased, remain significantly below its pre-pandemic peak in states with large travel and tourism sectors, including California, New York, Nevada, Hawaii and Alaska. A few states–Alabama, Montana, Kansas, Arkansas, South Carolina and Idaho–have seen leisure and hospitality output surpass the prior peak levels seen at the end of 2019.
NJs #winning … GREATER THAN 3% growth … and hey, better than TX and rivaling FLA!
… until then you realize that was then and THIS IS NOW, from Bloomberg
N.J. Covid-19 Hospitalizations More Than Double in a Week
Hospitalizations for Covid-19 jumped 60% from a week ago in New Jersey, the most densely populated U.S. state. The 3,604 patients numbered just 122 short of those a year ago, before vaccinations were widely available.
For 14 days starting on Saturday, an East Orange site will offer free testing to all New Jersey residents amid a shortage of at-home kits. Registration details are here.
The state logged 27,975 cases over 24 hours, a record, and 38 Covid-related deaths in hospitals.
Oh well … easy come (past GDP) not-so-easy go (future GDP?)