Mass. economy outperforming US with steady growth

bGlobeBy Deirdre Fernandes | The Boston Globe

The Massachusetts economy kept steady in the second quarter of the year, despite lagging consumer spending, slowing growth elsewhere in the world, and the UK’s decision to leave the European Union, the University of Massachusetts reported Friday.

The state’s economy grew at an annual rate of 3 percent, a notch better than the 2.9 percent expansion in the first three months of the year. Bolstered by still healthy economic sectors, such as health care, education, technology, and professional services, Massachusetts continues to outperform the nation, according to the report, published in the UMass economic journal, MassBenchmarks.

Massachusetts employers continued to add more jobs, with unemployment at 4.2 percent, the lowest level in 15 years. The state’s workers are also seeing their incomes rise, with wages and salary up 3.7 percent from the second quarter of 2015 as the labor market tightens and companies offer more money to hire and retain employees.

“We’ve had moderate growth,” said Alan Clayton-Matthews, a senior contributing editor of MassBenchmarks and a Northeastern University economics professor.

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