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MassBenchmarks at UMass reports state economy ended year strong but start of 2023 could be flat

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AMHERST — The Massachusetts economy grew at a 3.1% annualized rate in the final three months of 2022, according to MassBenchmarks’ current economic index.

Meanwhile, the U.S. gross domestic product increased at a 2.9% annualized rate according to the U.S. Bureau of Economic Analysis.

In a report issued Monday, economists writing for MassBenchmarks said both the state and national economies exhibited signs of a healthy and expanding economy including a strong labor market, low unemployment, and a declining but still elevated rate of inflation in the latter half of 2022.

“We definitely finished the fourth quarter on a strong note,” said Michael Goodman, professor of public policy at University of Massachusetts Dartmouth and one of the editors of MassBenchmarks. “Massachusetts is slightly stronger than the nation.”

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