U.S. Regional Economic Outlook

Storm clouds brewing: Signs of a possible economic slowdown in 2023 are appearing
SMI recession nowcast chart. See image description for more details.
Line chart showing the percent of the population likely already in a recession starting at 29 percent in April 2008 then steadily increasing to reach 99 percent in November 2008 and remaining there for most of the next two years until declining to zero by Auguest 2010. The Nowcast remained below 1 percent for the next 10 years until shooting up to 99.9 percent in May 2020, then quickly returning to less than 1 percent by the end of that year. The Nowcast finished 2022 at 14 percent.

Northeast: Mostly clear skies ahead

South: Leaving 2022 on a high note

The Midwest can’t catch a break

West: The tech wreck is just beginning