MassBenchmarks Editors: “We are doing pretty well in a very scary world.”
Despite the nation’s less than robust economic recovery and the cloud of doubt looming over international markets, Massachusetts’ state economy has, for the past couple of years, exceeded national gross domestic product growth. In addition, the state’s unemployment rate has been consistently lower than the national rate and continues to fall. Still, threats posed by instability in Europe, which represents forty percent of the state’s export market; slowed growth in China; and ongoing turmoil in the Middle East could have a substantial impact on the state’s economy.
The state’s total unemployment remains approximately 2 percent below its pre-recession peak and several of its largest industries are facing cutbacks and uncertainty. Economists believe that without a genuine national recovery, maintaining healthy economic growth will be difficult.
June 21, 2012