Nation Outpaces State Economy in Q3
Declining workforce & interest-rate exposure in key industries make the Commonwealth vulnerable to an economic downturn
From today's Massachusetts Current and Leading Indexes:
In the third quarter of 2022, Massachusetts real gross domestic product (GDP) increased at a 0.5 percent annualized rate, according to MassBenchmarks, while U.S. GDP increased at a 2.6 percent annualized rate according to the U.S. Bureau of Economic Analysis (BEA). In the second quarter of this year, the BEA estimates that Massachusetts GDP decreased at an annual rate of 2.6 percent while the U.S. declined at a just revised 0.6 percent rate. In the first quarter of this year, the BEA’s annualized growth estimates showed declines of 0.9 percent for Massachusetts and 1.6 percent for the U.S. The Commonwealth’s growth has lagged that of the U.S. in three of the last four quarters.
October 27, 2022