BOSTON (AP) — New estimates show the Massachusetts economy grew at a slower rate in 2011 than first thought.
MassBenchmarks, a collaboration of the University of Massachusetts Donahue Institute and the Federal Reserve Bank of Boston, said Wednesday that the state’s gross domestic product grew at a rate of 1.8 percent last year, close to the national economic growth rate of 1.6. percent. The state’s economy was originally estimated to have grown at a 2.9 percent rate.
The change results from a significant revision in state payroll employment announced earlier this month. Those figures showed Massachusetts gained 9,100 jobs last month, as opposed to earlier estimates of more than 40,000 new jobs added.
Northeastern University economist Alan Clayton-Matthews says because there is a seven-month lag in reporting job census figures, the 2011 numbers are almost certain to undergo more revisions.
Copyright 2012 The Associated Press.