ABC News Story; New Mexico Economy Expanding and NOT In Recession!

Majority of States Now in Recession

In March, 5 States Were in Recession; Now There are 27 With 14 More at Risk

ABC NEWS Business Unit

Oct. 21, 2008

What started out as a housing problem in a few states has now exploded into a full-fledged recession with a majority of states now in or dangerously close to recession.

What started as a recession in just a few states has now spread to 27 with another 14 states near recession, according to Mark Zandi,

chief economist and co-founder of Moody's

(ABC News Photo Illustration)

Just this weekend, President Bush's top economic advisor used the much-avoided word "recession" to describe the economies in some states.

"We are seeing what I think anyone would characterize as a recession in certain parts of the country," Edward P. Lazear,

chairman of the Council of Economic Advisers, said on CNN's "Late Edition."

Back in March, Mark Zandi, chief economist and co-founder of Moody's, said that only five states were in recession: Arizona, California, Florida, Michigan and Nevada.