Bank lists Montana among 10 state economies to shrink
The next six months may spell trouble for the economies of Montana and nine other states, according to a forecast from the Federal Reserve Bank of Philadelphia—despite a time of historic national prosperity, just over a decade following the tumultuous Great Recession beginning in 2008, local data studied by the bank indicates Montana’s economy is expected to shrink by 0.2 percent over the next six months. The figure may seem miniscule, but any decline can enhance the risk of snowballing economic setbacks. The reasons behind the decline? Mining and logging payrolls declined by 1.4 percent last November as compared to previous periods as manufacturing jobs continued a steady decline. According to KTVQ, the declines could spill into the 2020 election conversation, with President Trump expected to campaign on the strength of the national economy. The bank suggested West Virginia will see the most dramatic setbacks, with a predicted contraction of 2.6 percent.