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1 1 (June 4, 2024)

handle is hein.crs/govepfb0001 and id is 1 raw text is: Regional Economic Performance Since the Pandemic June 4, 2024 The current economic expansion has been characterized by above-average employment growth, historically low unemployment, and economic growth comparable to the previous two expansions (but slower than earlier expansions). (For more information, see CRS Report R48054, State of the US. Economy: Policy Issues in the 118th Congress.) This Insight looks at whether those trends hold across U.S. states by examining four different economic metrics. Although several states have done poorly on one metric (and in a few cases, more than one), no state has done poorly on all four. Conversely, one state (Utah) outperformed the national average by at least one standard deviation on all four measures. Thus, no one metric well represents overall economic performance. In particular, states with high (employment or economic) growth rates over a relatively short period of time do not necessarily have low levels of unemployment or high income levels, which partly reflect longer-term phenomena. Unemployment Rate In March 2024, the national unemployment rate (3.8%) was the same as it was before the pandemic in February 2020. Across states, the unemployment rate varied from a high of 5.3% (California) to a low of 2.0% (North Dakota). Only California, Nevada, and the District of Columbia had unemployment above 5%. That spread is narrower than before the pandemic, when the highest state unemployment rate was 5.8% and the lowest was 2.1 %-indicating that labor demand has been relatively strong across states. Even the highest state unemployment rate is low by historical standards-the national average was 6% from 2000 to 2020. Nationally, the unemployment rate has risen 0.4 percentage points since January 2023, and most states have also seen an increase since then. Six states have gone from low to above-average unemployment during this expansion (see Figure 1). Congressional Research Service https://crsreports.congress.gov IN12373 CRS INSIGHT Prepared for Members and Committees of Congress

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