Mass. economic growth slows
Massachusetts real gross domestic product grew at an estimated annual rate of 2 percent in the third quarter, faster than the 1.5 percent estimate for U.S. real gross domestic product but a major slowdown compared to the second quarter, according to MassBenchmarks.
Authors of the economic journal published by the UMass Donahue Institute with the Federal Reserve Bank of Boston announced Thursday they now estimate that Massachusetts expanded at a 7.1 percent annualized rate in the second quarter while the nation grew at a 3.9 percent rate. In the first quarter, the Massachusetts economy grew at a 3.2 percent rate, compared to 0.6 percent for the U.S.
"Much of the decline in the pace of growth was due to slower productivity growth rather than a weakening in the fundamental underlying strength of the regional economy," according to MassBenchmarks, which noted the state's payroll employment grew at a 2.2 percent annual rate in the third quarter as U.S. payroll employment grew at a 1.7 annual rate.
WBJ Web Partners
Most Recent
Most Recent
0 Comments