The COVID-19 pandemic sent economic shockwaves through the U.S. economy, tripling the monthly unemployment to nearly 15% and leading to a more than 30% quarterly decline in GDP by far the largest economic contraction in U.S. history.
No corner of the country was untouched by the pandemic s economic consequences but some states have emerged better off than others. A range of factors, including industrial diversity, labor force education levels, household income, and long-term GDP growth, have an effect on a state s overall economic strength and its ability to withstand the impact of the pandemic.
To determine the states with the best and worst economies, both in the years leading up to the pandemic and during it, 24/7 Wall St. created an index of five measures â five-year economic growth, five-year employment growth, the poverty rate, unemployment rate, and share of adults with a bachelor s degree or higher.
President Biden to visit Cleveland, Ohio next week to discuss the economy By Lydia Taylor Cleveland UPDATED 7:23 AM ET May. 20, 2021 PUBLISHED 6:23 AM ET May. 20, 2021 PUBLISHED 6:23 AM EDT May. 20, 2021
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CLEVELAND President Joe Biden will make his second trip to Ohio next week since taking over the Oval Office.
What You Need To Know
Biden will be in Cleveland on May 27 to discuss the economy, according to the White House, but many details are unknown at this time
His trip follows the most recent jobs report, which showed 266,000 jobs were created in April the lowest in a few months
The unemployment rate sits at 6.1%
To deliver high-quality infrastructure, Biden’s plan must welcome participation from the world’s best manufacturers, construction firms, and engineers. That kind of openness and the infrastructure improvements it delivers will also serve to keep inward investment flowing.