The UMass Boston Financial Services Forum (FSF) released today The State of New England: Economic Slowdown and Recovery. The report finds that while first quarter growth in Massachusetts was four times that of the national pace, and while Massachusetts has added jobs at a time when the US economy lost payroll employment, economic recovery in Massachusetts after the dotcom bust was not as robust compared to the national recovery. The unemployment rate in Massachusetts remained below the national rate even as they both inched up from record lows in the early 2000s, but joblessness became more acute regionally compared.
“As signs of economic slowdown begin to appear at a rapid pace it may be prudent to take notice of these past trends lest they repeat in the future,” said Dr. Arindam Bandopadhyaya, FSF director. “The report is of significant importance, especially because there are some discomforting deviations from past trends. Historically, Massachusetts could take comfort from the fact that in times of economic expansion the regional recovery was much better compared to national averages. However, in the recovery after the dotcom bust, sluggish as it was overall, Massachusetts did not fare as well. If this is not an aberration it may be time to examine and address some structural deficiencies that may be plaguing the local economy.”
The FSF is based at the UMass Boston’s College of Management (CM). The forum has been at the forefront of constantly measuring the pulse of the economy and has regularly published alerts, indexes and reports that have received widespread readership. The FSF Alerts and the Massachusetts Investor Sentiment Index are two such publications. The forum is also a source of current information and commentary on the health and critical issues facing the financial services industry in Boston, New England and nationally. The report is available at http://www.financialforum.umb.edu/reports/reports.php
“As both a research university and as a public university, UMass Boston is an extraordinary place, where innovation in teaching, research and service to the Commonwealth happens each and every day,” said dean of the College of Management Dr. Philip Quaglieri. “The FSF report is an excellent example of that work – it offers both business leaders and policy makers a sound basis from which to make smart strategic choices.”
About the University of Massachusetts Boston: Established in 1964, the University of Massachusetts Boston prides itself on providing challenging teaching, distinguished research, and extensive public service to Boston and the Commonwealth. Through its six colleges and two graduate schools, the university offers undergraduate and graduate study to 13,000 students in more than 150 fields. For more information, visit www.umb.edu.
About the College of Management: CM enrolls approximately 1,600 undergraduate students in its BS degree program. Approximately 475 students pursue its graduate degrees, the MBA, the MSA, the MSF, the MSIM and the MSIT. For more information , visit www.management.umb.edu.