As soon as the U.S. seemingly emerged from the major slowdown caused by the pandemic, it appears another recession is looming.

A new wave of COVID cases hit energy prices are sky-high due to sanctions on Russia and strong global demand for oil and gas and inflation remains elevated despite the Federal Open Market Committee’s (FOMC) best efforts. Overall, the U.S. economy contracted 1.6% in the first quarter of 2022.

Of the Tenth District* (District) states, Colorado proved most resilient. At -1.9% growth, Colorado still ranked in
the bottom half of states nationwide but weathered the storm given strength in sectors like real estate and rental and leasing as well as technology.

For more in-depth commentary about this report and reactions from the July 2022 FOMC meeting go to the Bank Statements podcast >>>