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California, Illinois and New York every noticed private revenue declines final 12 months, based on revised authorities information that beforehand confirmed revenue features within the giant, voter-rich states.
The private revenue declines in all three states have been the primary since 2009, and New York’s drop was the worst within the US. Revenue additionally flipped from optimistic to damaging in Rhode Island, Louisiana and Mississippi in 2022, based on revised Bureau of Financial Evaluation information launched Friday.
The information present the overall worth of all items and providers produced within the economic system was additionally decrease than beforehand thought, and US progress final 12 months was revised to 1.9% from 2.1%.
The revised progress price estimates didn’t deal with states equally.
Florida did higher than beforehand thought, leapfrogging over Idaho to be the quickest rising state final 12 months with 4.6% seasonally adjusted progress. And on the backside, seven states now present zero progress or worse, up from 5 earlier than the revisions.
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