Mark Zandi, Chief Economist at Moody's Analytics, stated that the U.S. economy is currently struggling to avoid a recession, with the situation proving to be quite precarious. The ultimate direction may depend significantly on the economic performance of California and New York.

In a social media post on Wednesday, Zandi reiterated his warning: states contributing nearly one-third of the U.S. GDP are either already in recession or are at high risk of recession. Another third of the states are experiencing "economic stagnation," while the remaining states are still growing, though the growth momentum has noticeably weakened.

Zandi noted, "The economic conditions in each state reflect the national trend: the U.S. economy has not yet fallen into recession but is struggling to avoid one. This is particularly evident in the labor market—non-farm payroll growth has nearly come to a standstill, and after all data adjustments, the employment situation may appear even weaker."