A new report from credit rating company Moody’s says Maine and 21 other states are either in, or soon will be in, a recession.
Moody’s reports that the current economic problems are driven largely by a mixture of slowing immigration, increasing tariffs, and federal job cuts.
“I’m an automotive supplier and the recent tariffs have definitely constrained the business, and it’s made our business harder. It’s getting tougher out there, we hope the two sides can come together and figure it out,” James Sites told CBS 13.
The issues can also be attributed to less tourists from Canada visiting the state this past summer due to boycotting the U.S over the ongoing trade war. The Maine Office of Tourism reports the state likely lost 225 thousand Canadian tourists this past summer, losing out on $139 million in the process.
Some Mainers however say they haven’t felt the effects of a potential recession just yet.
“Portfolios and 401ks and all that stuff is finally coming back, the stock market is the highest it’s ever been, so that’s a positive and hopefully that continues,” Leslie Bysterbusch told CBS 13.
Every other New England state besides Vermont was also present on the list. The data from Moody’s was gathered this past August and hasn’t been impacted by the recent government shutdown.
To read the original CBS 13 article, click here.
