It's not just a Michigan or a California problem. We're hurting all over.
For the first time since record-keeping began, all 50 U.S. states are in recession, according to new numbers from the Federal Reserve Bank of Philadelphia. In the 1982 recession, the previous worst-ever, 43 states simultaneously contracted.
The state-by-state indicators have been tracked by economists at the bank since 1979. The Philly Fed tracks payroll employment, average hours worked in manufacturing, unemployment rates, and wages and salaries adjusted for inflation.
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