If New York or California enter a recession, the entire U.S. economy would be next. So how are they doing?

Published: Oct. 11, 2025 at 9:00 a.m. ET

New York and California are struggling economically — and if things get worse in those states, they could take the whole U.S. economy down with them.

The two states aren’t doing as poorly as the 22 that are currently in recession, according to a recent study by Mark Zandi, chief economist at Moody’s Analytics.