State economy contracted modestly in Q1 2025
From the MassBenchmarks project:
Economic growth slowed in the first quarter of this year, primarily due to a surge in imports and a weakening of consumer spending. Businesses stocked up on pre-tariff goods while consumers acted with caution reflecting a fall in confidence of future conditions. Whether or not consumer spending will further weaken remains unclear. Since February, economic volatility and uncertainty has been fueled by a series of tariff announcements, threats, and postponements. This has had a demonstrable and negative impact on both state and national consumer and business confidence and helps to explain weakening consumer spending in the first three months of 2025.
May 12, 2025
