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Continued growth expected for Worcester economy
According to the Worcester Economic Index, a quarterly economic analysis compiled by Assumption College Professor of Economics Thomas White, Ph.D., the Worcester economy continued its recent solid performance as WEI grew at a 3.5 percent annualized rate during the third quarter of 2016, up slightly from the 3.1 percent pace reported during the second quarter.
The WEI is estimated using federal Bureau of Labor Statistics data on employment and unemployment for the Worcester metropolitan area, all of which have improved over the past year. According to the BLS Current Population Survey, employment in the Worcester area has risen by about 1.9 percent over the 12-month period ending in September, while the BLS payroll survey provides a similar estimate of 2.1 percent employment growth during the same period. In addition, the Worcester unemployment rate fell to 3.7 percent in September, which is down from the 4.8 percent estimate in September 2015.
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