New England News
Sat October 27, 2012
Report Says Massachusetts Economy Slowing
A new report finds the Massachusetts economy slowed sharply in the third quarter. WAMC’s Paul Tuthill reports
According to the economic journal, MassBenchmarks, the state’s real gross domestic product grew by 1 point 9 percent in the third quarter of his year. That put the state’s economy on a more sluggish pace than the nation’s. The U.S. Commerce Department reported Friday that GDP in the third quarter grew 2 percent. The MassBenchmarks report noted that payroll employment growth slowed in the third quarter and the state’s unemployment rate climbed a half percentage point. Economists have said the Massachusetts economy is being hurt by reduced demand for technology products and a drop in exports to Europe.