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It seems a recession is drawing near due to the novel coronavirus and the drastic measures taken to slow the spread of the new disease. Some states might be more prepared to handle the financial burden than others.
Many businesses have had to temporarily close or lay off workers. A record-shattering 3.3 million Americans filed for unemployment benefits in the week ending on March 21 according to a new report by the US Department of Labor. Different industries are already taking a hit as people cancel flights and are told to stay at home.
The article goes on to state the following:
To get a sense of which states are most ready for hard economic times, we used state government finance data from the US Census Bureau for the 2018 fiscal year, the most recent available. We ranked the states based on the difference between government holdings of liquid assets (specifically, cash and securities) and total government debt at the end of the fiscal year, adjusted by 2018 estimated state populations.
The list of sates follows. Get additional details at BUSINESSINSIDER.COM.
16. New York
6. South Dakota
4. New Mexico
3. North Dakota
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