This update of the Index of State Economic Momentum is full of “buts,” which makes it worrying. Personal income is growing in every state, but mostly due to a federal tax cut. Job growth is positive, but less so than in the last update, with more states reporting job losses. The unemployment rate is climbing, and house prices have increased in only three states in the past year. More than anything, the update emphasizes what a long way to go most states have, with the notable exception of North Dakota, which left every other state in the dust this time around.
