Data from the first quarter of the year has UL economist Gary Wagner forecasting a bad situation getting worse for Louisiana’s economy:
The state’s real gross domestic product fell by 4.3% on an annualized basis in the first quarter of this year, almost three times steeper than the U.S. economy. Only five other states posted a sharper contraction.
“It’s probably hard to imagine a report that’s worse right now,” said Gary Wagner, an economist at the University of Louisiana at Lafayette, who found declines in almost every state and many industries. “I think there’s a 50-50 chance we’re in a recession.”