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May 5, 2015

Assumption professor: Worcester economic index is up

The greater Worcester economy grew at an above average rate in the first three months of 2015, according to the latest estimates of the Worcester Economic Index (WEI), released each quarter by Assumption College Economics Professor Thomas White.

During the first quarter, the WEI increased at an annual rate of 3.9 percent, beating the final quarter of 2014, when the WEI increased at a revised 3.1 percent, according to a statement yesterday from Assumption.

"Local jobs numbers continue to move in a positive direction," White said in the statement. “While the national economy slowed in the first quarter, it didn't seem to impact local employment data, which continues to be encouraging."

The economy is expected to continue to grow at a relatively strong rate over the next three to six months, the statement said.

However, the statement said, other more local indicators of future economic prospects are mixed. While the number of help-wanted ads posted online has risen and the number of statewide initial unemployment claims has fallen in recent months, the number of new business incorporations is down over the past year.

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