The economies of more than 20 American states are in crisis or on the brink of recession.

More than 20 US state economies are in or near recession, according to the Fox Business citing financial analytics firm Moody's. Moody's Analytics has identified major economies, particularly Illinois, Georgia, and Washington, as high-risk recession zones.

The economies of more than 20 US states are either already in recession or on the brink of recession, according to an analysis by Moody's Analytics chief economist Mark Zandi.

As of the end of August, 21 states and the District of Columbia were either experiencing a recession or were at high risk of one. Furthermore, the economies of 13 states are "floating," while those of 15 are continuing to grow.

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"State-level data clearly shows why the US economy is teetering on the brink of recession," Zandi wrote in a post on Platform X. "Based on my analysis of various indicators, states that account for nearly a third of US GDP are either already in recession or at high risk of one, another third are holding steady, and the remaining third are growing."

He goes on to write: "States experiencing recession are scattered across the country, but the D.C. metropolitan area stands out due to public sector job losses."

Among the states Zandi classified as being in recession or at high risk, several are significant contributors to the US economy as a share of the country's gross domestic product (GDP).

Illinois (3,85% of U.S. GDP), Georgia (3,03%), Washington (3,02%), New Jersey (2,93%), Massachusetts (2,73%), and Virginia (2,66%) are the largest economies listed as being in recession or at risk of recession.

States that, according to Zandi's analysis, are "staying afloat" include California (14,5%), New York (7,92%), Ohio (3,14%) and Michigan (2,44%).

The states with growing economies are Texas (9,41%), Florida (5,78%), Pennsylvania (3,54%), and North Carolina (2,86%).

"The Southern states remain the strongest overall, but their economic growth is slowing," Zandi noted. "California and New York, which together account for more than a fifth of U.S. GDP, are holding their ground, and their stability is crucial to avoiding a recession for the national economy."

Federal Reserve Chairman Jerome Powell said the central bank is monitoring risks on both sides of its dual mandate of ensuring price stability and maximum employment.

Zandi's analysis has gained attention in recent weeks amid the ongoing government shutdown. It has already delayed the release of the September employment report, and next week's Consumer Price Index (CPI) release is expected to be delayed.

The Bureau of Labor Statistics announced Friday that it was recalling some workers furloughed by the shutdown to prepare its CPI inflation report, which will now be released on October 24.

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Inflation remains above the Federal Reserve's 2% target this year and has accelerated in recent months due to the imposition of tariffs. This means the Fed aims to keep price growth at approximately this level, considering it optimal for sustainable economic growth. - Note.)

While Fed officials have expressed concerns about inflation, they last month cut interest rates for the first time in 2025 amid signs of a weakening labor market.

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