The U.S. GDP has consistently increased since 2009, except in 2020 during the pandemic, indicating overall economic resilience. However, this growth has not been uniform across the country, with several cities and towns reporting economic contractions. Despite rising wages and historic lows in unemployment nationwide, certain regions lag in economic recovery. A report identified the fastest shrinking local economies in every state from 2022 to 2023 based on GDP data, underscoring disparities within the U.S. economy that require attention and intervention.
American GDP saw year-over-year growth since 2009, except for 2020, showcasing the resilience of the U.S. economy even as some regions face contractions.
Despite overall GDP growth and strong economic indicators in the U.S., numerous cities and towns are experiencing economic downturns, highlighting uneven economic recovery.
GDP growth often results in virtuous cycles, driving higher wages, reduced unemployment, and improved corporate profits, although some areas continue to struggle.
In identifying economic contractions, 24/7 Wall St. analyzed data from the Bureau of Economic Analysis, highlighting the fastest shrinking local economies in each state.
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