Mass. Economists: Global COVID-19 Recession ‘a Virtual Certainty’
A group of senior economists at Massachusetts’ largest universities, lenders, the Federal Reserve Bank of Boston and the FDIC have declared “a global recession is a virtual certainty”
A group of senior economists at Massachusetts’ largest universities, lenders, the Federal Reserve Bank of Boston and the FDIC have declared “a global recession is a virtual certainty”
After reporting in October that the Massachusetts economy contracted slightly in the third quarter of 2019, economists suggested that Massachusetts GDP actually grew by 2.2 percent between July and September 2019.
The Massachusetts economy contracted slightly in the third quarter, local economists reported Wednesday, the same day that the federal government reported the U.S. economy grew 1.9 percent in the quarter that ended Sept. 30.
The Massachusetts economy is running well despite signs of a slowdown and while no single factor is holding the economy back, analysts said the combination of a labor shortage, trade tensions, an impeachment inquiry and more could darken the outlook.
As Beacon Hill awaits next week’s release of data on critical April tax collections, economists reported Friday that the state economy grew at a 4.6 percent annual rate in the first quarter, an increase from the 2.3 percent growth rate in the fourth quarter of 2018.
Wage and salary growth boosted real gross domestic product in Massachusetts by 4 percent in the second quarter of 2017, outpacing real GDP growth in the U.S. of 2.6 percent during the same period.
After reaching a level of confidence in March not seen among Massachusetts businesses since 2004, employers in April took a slightly more dim view of the economy and their prospects, the Associated Industries of Massachusetts reported Tuesday.