State, Federal Economies Grow
The state's economy grew at a 3.1 percent annualized rate in the first quarter of this year, according to University of Massachusetts Donahue Institute's MassBenchmarks report.
Higher payroll and a larger labor force contributed to the gains, as did the unemployment rate that improved by 0.2 percent. MassBenchmarks estimates it will take two years to return to pre-recession unemployment levels.
MassBenchmark's leading index predicts that the state economy will grow at a 4.2 percent rate during the next six months.
Meanwhile, nationally, the gross domestic product grew at a 3.2 percent annual rate in the first quarter, compared to a 5.6 percent annual growth rate last quarter, according to an advanced estimate from the Bureau of Economic Analysis.
Personal consumption, inventories and exports helped support the GDP's growth, but the gains were less than they were in last year's final quarter. The advanced estimate will be revised in late May.
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