Worcester Economy Grows 2.3% in 1st Quarter of 2018
Thursday, May 03, 2018
“Employment growth continued during the first three months of the year in the greater Worcester area. While there was an uptick in the unemployment rate during the first quarter, that was largely due to seasonal effects, once those are accounted for the unemployment rate was nearly unchanged. In addition, there was a sizable increase in the labor force which suggests that a relatively tight labor market is drawing workers back into the market,” said White.
The report highlights two local leading indicators.
The number of new businesses incorporated during the first quarter of 2018 increased 13% from 2017.
The number of initial unemployment claims filed during the first quarter in the Commonwealth of Massachusetts fell from the 2017 level.
Each issue of Worcester Economic Indicators provides a six-month forecast for the WEI based on four national leading indicators, recent WEI estimates, as well as its long-run trend.
According to the Quarter 1 forecast, the Worcester Economic Index is expected to grow at a 1.8 percent annualized rate over the next six months.
“The local economy seems to have some momentum and we should expect above-trend growth in the coming months. However, a couple leading indicators are currently negative and therefore dampen the forecast slightly. Recent declines in the stock market and the continued gradual tightening of monetary policy by the Federal Reserve may constrain future economic performance,” said White.
The next Worcester Economic Indicators report will be issued in August of 2018.
- NEW: MA Ranked #1 State for New Economy by Independent Think Tank
- Paul Giorgio: It Was a Good Week for the US Economy
- Worcester’s Economy Continues to Grow in Second Quarter
- Meet the Disruptors: Massachusetts’s New Sharing Economy
- Protect Clean Water Necessary for Good Health and Strong Economy
- Worcester’s Economy Improved in First Quarter
- Will a Minimum Wage Hike Hurt or Help Worcester’s Economy?
- Romeo Brothers Revitalize Downtown Millbury Economy
- Julia Steiny: Economy To Youth: Make Your Own Jobs
- Grace Ross: Stop Repeating History; Fix the Economy!
- Has the Worcester Economy Become Too Dependent on Meds + Eds?
- Study Finds America’s Beer Industry Contributes $5 Billion a Year to MA Economy
- Report: Worcester’s Foreign-Born Residents Contribute Greatly to City’s Economy
- Worcester Economy Has Strongest Year Since Before Great Recession
- Worcester Economy Grows at 3.5% Rate in Third Quarter of 2016
- Worcester Economy Grows 1.9% in Third Quarter of 2017
- Worcester Economy Slowed in the Fourth Quarter of 2017
- Horowitz: Broadening Opportunity Pays Off for our Economy
- Worcester Economy Index Posts 2.9% Increase in 2nd Quarter
- 11 Charts Show How Falling Oil Prices Have Changed the Economy
- Worcester Economy Growth Slows, but is Stable Says Assumption Report