Amid worries about a possible recession, energy-producing states had the biggest drops in GDP during the first quarter of this year, despite skyrocketing oil and gas prices, new government figures show.
The main reason: Energy companies are still struggling to bring back workers and rigs that were idled early in the pandemic.
GDP, or gross domestic product, is a measure of economic output. The unofficial definition of a recession is when GDP drops for two consecutive quarters. However, a recession is generally accompanied by a significant rise in the unemployment rate, and U.S. employment remains strong. Labor Department figures released Friday show the economy added 372,000 jobs in June, a larger-than-expected increase. No state has seen a significant spike in joblessness.
