Economics
New York, Nevada Lead GDP Contraction in the First Quarter
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The economies of all 50 American states and the District of Columbia contracted in the first quarter of 2020, even before the full effects of the pandemic took hold, according to data released today by the U.S. Bureau of Economic Analysis.
Both New York, which is heavily tied to financial services, and hospitality-dependent Nevada contracted by more than an 8% seasonally adjusted annual rate. New York has the third-largest share of the country’s gross domestic product, behind California and Texas.