Economists Issue Warning On Mass. Economy
A prominent Massachusetts economic journal says the state economy is "showing clear signs of slowing" and is calling on the federal government to boost activity.
According to a summary of a recent meeting of the editorial board of MassBenchmarks, which is made up of economic analysts, the board's consensus view is that growth in the state will slow in the coming months. High-tech industries like IT, software development and high-tech manufacturing have helped the state outperform the nation over the past year, but demand for these products has now flattened out.
The board said federal policy makers need to address the situation "with renewed vigor." It warns that fiscal austerity will "only prolong the economic suffering" and calls for more fiscal stimulus in the short term along with deficit reductions as the economy improves.
MassBenchmarks is published by the UMass Donahue Institute in collaboration with the Federal Reserve Bank of Boston.
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