CNBC's "Halftime Report" team is joined by Marc Lasry, CEO of Avenue Capital, to discuss how markets are trading and the outlook for the U.S. economy. The 10 U.S. states coordinating plans separately from the White House to reopen businesses shut by the coronavirus are responsible for an outsized proportion of the U.S. economy.
On Monday, three states on the U.S. West Coast, led by California Governor Gavin Newsom, and seven on the East Coast, led by New York Governor Andrew Cuomo, said they will develop coordinated regional plans.
With the exception of Massachusetts, all are led by Democratic governors.
Collectively the ten states generated 38.3% of the total U.S. economic output in the fourth quarter of 2019, highlighting how much of the U.S. economy depends on its most populous states.
California and New York, the biggest and third-biggest states respectively, account for about 23% of total U.S. economic output, figures from the Bureau of Economic Analysis show.
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