The state unemployment rate rose for the fourth consecutive month in October as the Massachusetts economy grew too slowly to absorb an influx of workers seeking jobs.
Economists have warned in recent months that the Massachusetts economy is slowing in the face of global economic slowdown and uncertainty about US tax and spending policies. Congress is now trying to reach a compromise to avoid a combination of steep tax increases and deep budget cuts known as the fiscal cliff.
“Although the October [job creation] numbers are a pleasant surprise, it’s not an indication that now the economy has picked up steam again and there’s nothing to worry about,” said Northeastern University economics professor Alan Clayton-Matthews. “I’m still concerned the economy is growing slowly.”