Worcester economic growth slows; remains stable
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Assumption College Professor Thomas White release his Worcester Economic Index Thursday.
The latest Worcester Economic Index indicates a slowing economy, but one that reflects a more sustainable long-term growth rate, according to Assumption College Professor Thomas White, who released the quarterly report.
“The slowdown is not surprising,” White said adding that the slowing growth in the index was similar to the national economy where GDP grew at 1.5% in the third quarter, following 3.9 percent growth in the second. “The local labor market was growing so fast during the first half of the year that is was going to be difficult to maintain that pace.”
There are still positive economic signals despite the slowdown, he said, citing an increased number of online job postings, more new business incorporations and the lowest Massachusetts unemployment claims rate in the last 25 years.
The slowdown is expected to extend through the next two quarters, at around 1 percent. The impact lagging international economies will have on the United States still unclear, White said.
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