More than half of US states are projected to be on the path to a recession, according to a new study from the Federal Reserve Bank of San Francisco.
The Federal Reserve, which has previously warned that a slowdown in economic growth is inevitable, said in its latest report that the pace of recovery could be “severe”.
Here are the states that are most likely going to be hit hardest by a recession: 1.
Nevada A slowdown in growth could hit the state’s economy hard, as the state is expected to be the worst hit by a severe recession.
The state’s unemployment rate stands at 8.7 per cent, well above the national rate of 5.6 per cent.
It is the state with the highest unemployment rate at 11.3 per cent and the third highest in the US with an unemployment rate of 12.3%.
Nevada has also been hit hard by a recent wildfires, which have seen hundreds of homes burned in the state.
The wildfires have been the worst in the United States since the end of World War II.
The fires have destroyed more than 3,000 homes, forced evacuations and caused millions of dollars worth of damage.
More than 200,000 people have been forced to leave the state since the fires started, according the Las Vegas Review-Journal.
More: Las Vegas Fire Dept. chief says no more fuel to burn in wildfire response More: Nevada’s economy is estimated to be worth $6.3 billion, according a recent report from Moody’s Investors Service.
Texas A recession in Texas could lead to a huge job loss and a dramatic drop in tax revenue for the state, the US economy research firm McKinsey said in a report published on Wednesday.
The study found that the state could be facing a $14.7 billion economic contraction and could have a $8.6 billion loss in tax revenues in 2022.
McKinsey estimated that Texas is likely to have a recession of $17 billion in 2022, the worst recession in the nation.
The Texas economy is projected to shrink by 1.4 per cent by 2023, the study found.
More news from the US More stories from the world The study said the US has a higher rate of unemployment than any other country in the world, but a much lower rate of underemployment.
The US has the lowest unemployment rate in the OECD (Organisation for Economic Co-operation and Development) with 6.4 million unemployed.
The jobless rate in Mexico has been around 4 per cent for the past 15 years.
More on the US US unemployment rate is the highest in OECD countries and it is higher than most of the countries in Europe, including Germany, France and the UK.
The federal government’s unemployment insurance program, which pays people back their full unemployment benefits, has been in a prolonged recession.
There have been some signs that the recovery in the oil industry has begun to pick up, with US crude oil output increasing slightly in January, according Reuters.
The report said that if the current trends continue, the federal government could see an increase in tax collections in 2022 of $6 billion.
This would be the fourth straight year that the government has raised its revenues by $6 to $9 billion.
More stories on the UK UK unemployment rate stood at 6.7 percent in February.
The figure is the lowest since April 2018, when the UK saw a 6.2 percent unemployment rate.
The unemployment rate peaked at 11 per cent in February 2008 and has dropped to a level of 5 per cent at the start of 2018.
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