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Worcester’s economy grows in 2nd quarter
Following a slow start to the year, the Worcester Economic Index, a quarterly economic analysis compiled by Assumption College Professor of Economics Thomas White, Ph.D., has shown that the greater Worcester economy grew at a modest clip during the second quarter of 2017. Since March, the WEI is up 1.1 percent on an annualized basis.
The WEI is estimated using Bureau of Labor Statistics data on employment and unemployment in the Worcester metropolitan area. The unemployment rate slightly increased to 4.6 percent in June while household employment has gone up by 6,400. The BLS payroll survey also showed an increase of 4,200 jobs since June 2016.
“The data shows a labor market that is steady but without much growth, which is the reason the WEI grew at a modest 1.1 percent rate during the second quarter,” White said.