Report: Mass. economy dropping to 'lower gear'
BOSTON (AP) — A new economic report says the Massachusetts economy appears to be slipping into a "lower gear" after a lengthy period in which it grew faster than the nation as a whole.
In comments released on Thursday, the editorial board of MassBenchmarks said deteriorating global economic conditions are taking a toll on the state's innovation and technology sector — a traditional strength of the Massachusetts economy.
The report also noted that Massachusetts merchandise exports are down from a year ago.
The economists did note that stronger activity and higher prices in the housing market is a bright spot for the state economy. It did not forecast a recession.
MassBenchmarks is a journal of the Massachusetts economy published by the University of Massachusetts Donahue Institute in collaboration with the Federal Reserve Bank.