Good afternoon everyone,
At some points, Delaware’s long-running economic recovery felt bumpy.
The Quartz digital site may have come up with an explanation. The site used federal figures to calculate the number of recessions – defined as two consecutive quarters of negative economic growth.
Quartz, like other business sites, has been keeping a close eye on the economy for signs of a recession. So far, the national economy has not come close to recessionary numbers, although trade issues and a slowing global economy are areas of concern.
Of late, the Delaware economy appears to be performing reasonably well, with few big layoffs.
Quartz’s calculations, indicate that Delaware had six recessions since 2007, a figure that matched the performance of Connecticut. The two states have dealt with a declining number of headquarters jobs, but offer options, thanks to their proximity to major metro areas.
Size matters because smaller states, like Connecticut and Delaware, have fewer companies. One cutback can affect employment figures. States with oil and gas resources are also prone to ups and downs.
Large and heavily populated states like Pennsylvania and California had one recession.
The exception to the small state rule was New York, which had five recessions. New York, like Delaware, has many financial services jobs.
Quartz noted that local recessions largely fly under the radar since these downturns do not have an effect on the stock market.
Enjoy your Thursday.
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