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In Slowdown, MA Economy Grows
By Frannie Carr
BOSTON - May 01, 2008 - So far, the Bay State seems to be weathering the national economic slowdown.
New figures from University of Massachusetts- Boston say the state's economy grew at three percent in the first quarter, which was five times the national growth rate.
The study credits the performance to strength in technology, bio-tech, and health sciences.
However, the report's author, Economist Alan Clayton Matthews, warns Massachusetts could still face a downturn.
"We can see that households are losing confidence rapidly, and you can see that in consumer spending in state sales tax revenues those have been essentially flat for goods outside of autos, and in real terms they've been declining." Clayton Matthews said.
In the first three months of this year, the state added 4,600 jobs, compared to more than 200,000 jobs cut nationally.
Economists say the state is doing better than the nation because the state economy is not as closely tied to sagging consumer spending that is dragging down the broader economy.
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