Report: Mass. economy grew 3.5 percent in Q3
BOSTON (AP) — A report says the Massachusetts economy grew at a stronger clip in the third quarter than the nation as a whole.
According to the MassBenchmarks Current Economic Index, the state’s gross domestic product grew at an estimated annual rate of 3.5 percent in the July-September period.
The Commerce Department reported on Thursday that the U.S. GDP rose at a 2.8 percent annual rate in the third quarter.
The state GDP improved from a 1.7 percent growth rate in the second quarter, which was below the national rate of 2.5 percent.
The third-quarter report cited improved job growth, rising wages and stronger consumer spending. The report was missing September employment data due to a delay caused by last month’s federal government shutdown.
MassBenchmarks is a journal of the state’s economy published by the University of Massachusetts Donahue Institute.