Activity Declined in Every State in December

For the first time ever, the Federal Reserve Bank of Philadelphia has released a report showing a decline in the coincident index in all 50 states.

Not only are we in a recession, but every single state is individually in a recession, for the very first time.

Look at 1982, when Paul Volker was doing his best to crush wages, and still, there were 7 states whose economies were expanding.

This is going to get very very bad.