U.S. Outlook: Growth trends have flipped
Today, in the midst of sinking commodity prices, volatile equity markets, a strong dollar and weakening global growth, we revisit the recently released Q2 2015 quarterly GDP by state data, published by the Bureau of Economic Analysis (BEA), to see how the changed economic landscape is reshaping economic conditions across regions and industries.
For more analysis of this and what’s happening in the broader economy, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Feb. 5.Key observations:
- The finance and insurance sector was the leading contributor to overall growth.
- Washington state reported the fastest growth rate of 8.0% in Q2 2015, following a modest 1.6% in the first quarter.
- States with negative economic growth include energy-dependent states like Oklahoma, Wyoming, West Virginia, and North Dakota.
- Low crude prices have a significantly larger impact on a relatively small numbers of states where oil is the main lubricator of economic activity.