Illinois is now in a recession according to economic data recently released by the Federal Reserve Bank.
The Federal Reserve Bank released its monthly State Coincident Index, and it doesn’t make for good reading for people in Illinois, reports Ash Jurberg.
The economies of sixteen U.S. states had major contractions between July and October, with Illinois experiencing one of the biggest declines.
Business Insider reports the coincident indexes “pull together four state-level indicators, including nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing by production workers, and wage and salary disbursements deflated by the consumer price index.”
Based on this data, Illinois posted a -0.79% decline — only five states posted a worse result.
Does this mean the entire United States is in a recession? Not quite.
While Illinois has entered into a recession, the performances of other states may see the United States as a whole avoid a recession.
DataTrek Research cofounders Nicholas Colas and Jessica Rabe said the growth of most states “should be enough to keep the U.S. economy as a whole from falling into recession this quarter.”
Will many more states eventually follow? Banking experts continue to weigh in on the possibility of an entire US recession next year.
But I’d love to know your thoughts on this — leave a comment down below.
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Other Economy News Today
Chase freezes a customer account worth a whopping $200K in a new scandal that has left the bank giant under new scrutiny.
The customer, who lives in Hawaii, says he opened his Chase account two decades ago and was shocked to learn $200,000 was suddenly inaccessible, reports The-Sun.
According to the customer, Chase told him he’d have to visit a branch in person to try and get his money.
And although Chase has ATMs in Hawaii, it does not have any physical branches, which forced the customer to fly 2,400 miles to Los Angeles in an attempt to resolve the issue.
“I don’t know why… I’ve had no problem with them for the last 20 years… But ok, it’s their choice and nothing I can do.”
As for why his account was shut down without warning, the account holder says he believes a large Zelle transfer may have something to do with it.
In the US, banks can close accounts at their discretion for a number of reasons, including concerns about fraud and illegal activities, too many overdrafts or dormancy.
Banks typically send notices to account holders and mail checks for the balance to addresses on file.
When banks are concerned about potential fraud, they also file Suspicious Activity Reports (SARs) to law enforcement.
Banks filed about 830,000 SARs in 2014, a number that steadily increased to about 1.4 million in 2021, according to the Banking Policy Institute.
Only 4% of SARs trigger a follow-up from authorities, and a small fraction of the follow-ups result in arrests and convictions.
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