What happened to Louisiana’s economy? New data shows big slump – By Jerry Dicolo (NOLA) / June 30, 2022
“It’s probably hard to imagine a report that’s worse right now,” economist says
Louisiana’s economy shrank dramatically to start 2022, according to new federal data, driven by a sharp pullback in part of the state’s manufacturing sector as natural gas prices and overall U.S. inflation soared.
The state’s real gross domestic product fell by 4.3% on an annualized basis in the first quarter of this year, almost three times steeper than the U.S. economy. Only five other states posted a sharper contraction.
“It’s probably hard to imagine a report that’s worse right now,” said Gary Wagner, an economist at the University of Louisiana at Lafayette, who found declines in almost every state and many industries. “I think there’s a 50-50 chance we’re in a recession.”
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