Market Watch - The U.S. economy is very close to falling into a damaging contraction — and many states are already in a recession, according to Mark Zandi, chief economist at Moody’s Analytics.

Zandi estimates that 22 states and the District of Columbia are now experiencing persistent economic weakness and job losses that are likely to continue. Another 13 states are treading water, he noted.

The overall picture is one of a weak U.S. economy that is vulnerable to being pushed into a ditch by a strong wind.