State economy rebounds notably in Q2
Excerps from the bulletin:
Massachusetts real gross domestic product grew 4.0 percent in the second quarter of 2017 according to the MassBenchmarks Current Economic Index, released today by MassBenchmarks, the journal of the Massachusetts economy published by the UMass Donahue Institute in collaboration with the Federal Reserve Bank of Boston. U.S. real gross domestic product grew 2.6 percent during the same period, according to the U.S. Bureau of Economic Analysis (BEA).
Employment in both Massachusetts and the U.S. has continued to grow at modest rates typical of this long economic expansion. In the second quarter of 2017, Massachusetts payroll employment expanded at a 0.9 percent annual rate after growing by 2.2 percent in the first quarter. U.S. payroll employment grew at a 1.4 percent annual rate in the second quarter and at a 1.5 percent rate in the first quarter. Between the second quarter of 2016 and the second quarter of 2017, employment grew at virtually the same rate in Massachusetts as nationally, by 1.7 percent and 1.6 percent respectively.
MassBenchmarks is published by the University of Massachusetts Donahue Institute in cooperation with the Federal Reserve Bank of Boston. The Donahue Institute is the public service, outreach, and economic development unit of the University of Massachusetts Office of the President. The Current and Leading Indexes are compiled and analyzed by Dr. Alan Clayton-Matthews, Associate Professor of Economics and Public Policy at Northeastern University and released quarterly by MassBenchmarks.
A comprehensive analysis of the state of the Massachusetts economy can be found in the most recent issue of MassBenchmarks.