BOSTON – The Massachusetts Current Economic Index increased 3.6% year over year in June, according to MassBenchmarks Friday.
The CEI is designed to grow at the rate of real gross domestic product.
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The report said the Leading Economic Index in June was 1% – indicating a projected growth rate for the next six months.
Massachusetts GDP increased at a 1.4% annualized rate in the second quarter, slower than the United States annualized rate of 2.1%.
The report noted the Bay State economy was at full employment with little capacity for labor force and employment growth. The state is being hindered by an aging workforce. The state’s unemployment was 3% in June.
The economic expansion in Massachusetts is projected to slow in the second half of the year, potentially signaling a larger economic slowdown due to a variety of global factors, the report noted.
“There are major downside risks to the state, national and global economic outlook, including Brexit, the ongoing ‘trade war,’ slowing global economic growth, and rising global geopolitical tensions,” noted Alan Clayton-Matthews, MassBenchmarks senior contributing editor and associate professor of economics and public policy at Northeastern University, who compiles and analyzes the Current and Leading indexes.
