Albany. It’s the capital of New York. It’s where Governor Andrew Cuomo and the legislature will battle over cuts to state services, public benefits and even state payrolls.
And according to Moody’s Analytics, it’s at risk of falling back into recession even as the state overall is on the path to recovery
Albany is not alone.
A new report from the economic group finds that 116 out of 384 metro areas are at risk of falling back into recession, a 15 percent increase from the previous month.
In the case of New Jersey, the entire state is now judged to be at risk of slipping back into recession. The state’s fiscal condition led credit ratings agency Standards and Poor’s to downgrade the state’s bond rating. New Jersey alone has $54 billion in unfunded pension liabilities
Nationwide, the Center on Budget and Policy Priorities, 44 states face deficits totaling $125 billion.
Moody’s Analytics analyzes states based on employment, new home construction, home prices and industrial production.