The University of Massachusetts Amherst

UMass Donahue Institute

A program of the Economic and Public Policy Research Group at the UMass Donahue Institute
in collaboration with the Federal Reserve Bank of Boston

Notes from the Board


Lower inflation and continued growth in GDP are positive signs for the Massachusetts economy, but jobs growth has stalled and slower GDP growth is expected

Growth in real gross domestic product (GDP) in Massachusetts and the U.S. has remained unexpectedly high in recent quarters and Massachusetts’ relative payroll jobs performance continues to outpace its New England neighbors. The growth in both the state and U.S. comes despite high interest rates that are now appearing to have the desired effect to lower inflation. The Massachusetts unemployment rate is down to a record low level. Most major industry sectors in the state also experienced payroll jobs growth through the first three quarters of 2023, again showing that the economic improvements are broadly based.

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UMass Donahue Institute

University of Massachusetts Amherst

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Hadley, Massachusetts 01035

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