New Delhi, Sep 3
The state-level data in the US shows that the country is "on the edge of recession", said Mark Zandi, chief economist at credit rating agency Moody's.
According to Zandi, who was among the first economists to predict the 2008 financial crisis, the states that make up nearly a third of the US gross domestic product (GDP) are currently either in recession or at high risk of entering one.
"Based on my assessment of various data, states making up nearly a third of US GDP are either in or at high risk of recession, another third are just holding steady, and the remaining third are growing," he wrote on social media platform X.
Further, in an interview with Newsweek, Zandi said: "For the average American, that risk shows up in two ways. It means higher prices at the store, and it means job disruption across industries tied to food, goods, and transportation."