PORTLAND (WGME) — Mounting job losses and rising prices are squeezing Maine’s economy.
If you are noticing your dollar isn’t going as far as it used to, you aren’t alone.
A new report out from the credit rating company Moody’s says 22 states, including Maine, are either in a recession or will be in one soon.
Some Mainers say they are not surprised to hear this.
They say rising prices are driving businesses and people out of places like Portland.
But others say a recession isn’t even on their radar.
Five New England states are on the list, including New Hampshire and Massachusetts.
According to Moody’s, the economic problems are driven largely by a mixture of slowing immigration, increasing tariffs and federal job cuts.
The states doing well are ones seeing rapid growth in their populations, particularly Texas and Florida.
Moody’s calculations are based off where things stood in the economy at the end of August before the government shut down.
Some people say they still think the economy is doing well despite this report.
“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,” consumer Leslie Bysterbusch said.
The owner of Joe’s Hotdog Stand in Monument Square had a different opinion.
He says the economy in Portland is hurting, and he’s seeing a drop in business.
He believes rising costs are one of the main factors behind this.