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COVID, inflation slow Massachusetts’ economic growth

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Patriot Ledger, October 2021

Growth in the Massachusetts economy slowed significantly during the third quarter and the economic analysts at MassBenchmarks reported Thursday that their outlook for the next six months is less optimistic than it was previously as the delta coronavirus variant persists and consumer spending slows.

The state’s real gross domestic product increased at a 2% annualized rate in the third quarter, matching the national growth rate for the same period but down from state growth rates of 6.1% in the first quarter and 8% in the second quarter, the publication from the University of Massachusetts Donahue Institute said.

“The slowdown in growth from the second quarter reflects the effects of the delta variant of COVID-19 restraining the pace of reopening, continued supply chain disruptions and labor shortages, and less exuberant consumer spending on goods, especially durable goods, “Alan Clayton-Matthews, a Northeastern University professor emeritus and senior contributing editor of MassBenchmarks, wrote.

Continue reading at the Patriot Ledger.

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