MassBenchmarks notes economic progress, urges caution on economic conditions

THE MASSBENCHMARKS editorial board warned that, “caution is the watchword,” in a summary of its analysis of the Massachusetts economy in its most recent editorial board meeting. / COURTESY MASSBENCHMARKS
THE MASSBENCHMARKS editorial board warned that, “caution is the watchword,” in a summary of its analysis of the Massachusetts economy in its most recent editorial board meeting. / COURTESY MASSBENCHMARKS

BOSTON – The MassBenchmarks editorial board warned that, “caution is the watchword,” in a summary of its analysis of the Massachusetts economy from a meeting on Feb. 15.

The board noted that the economy in Massachusetts has experienced consistent growth since 2009 and that employment has continued to grow. The board also said that gross domestic product, wage and salary income continued to grow at a pace in line with national growth.

However, the board said that there is growing concern over weakening economic conditions nationally and internationally. The board cited a diminishing impact of the 2017 tax cuts, slowing growth in China and in Europe, and a possible slowdown in the financial sector as potential risks to the local economy.

The board also noted that Massachusetts is reliant on imported labor, mostly through international in-migration, which has been slowed by the federal government’s policies regarding immigration.

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The board said that the slow in migration primarily hurts the travel and tourism, agriculture, seafood processing and higher education sectors.

The board also noted that tariffs have affected the state’s exporters.

The dispatch from MassBenchmarks concluded with the board saying that it was wary of an economic peak and is monitoring potential risks and uncertainties.

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