Federal Reserve Bank of Boston: New England Economic Indicators

“Economic growth in New England continues to parallel that of the nation. At the same time, according to some measures, the fortunes of the individual New England states are diverging. Gains are continuing in Massachusetts, while Rhode Island is failing to participate in even the modest recovery occurring elsewhere.”

The Federal Reserve Bank of Boston recently released the latest issue of its quarterly New England Economic Indicators.

Among the information included in the issue:

• Employment in New England expanded in May, with the payroll job count up 14,300 from April.
• Connecticut, New Hampshire, Vermont, Massachusetts, and Maine all posted year-over-year employment gains, leaving only Rhode Island with fewer jobs in May than a year earlier (-0.8 percent).
• Massachusetts is the only New England state with a statistically significant employment gain over the year, up 1.2 percent. Rhode Island’s job losses are not statistically significant, even though they were the steepest among the seven states nationwide with year-over-year employment declines.
• New England’s unemployment rate continued to trend downward in May, falling for a fourth consecutive month to 6.8 percent, about a percentage point below its 7.9-percent May 2011 level. Regional unemployment remains more than a percentage point below the national average.
• Residential real estate markets are showing some improvement in New England, with construction indicators showing increases from a year ago and the year-over-year pace of house price declines generally moderating.

To access this issue, please visit:

Federal Reserve Bank of Boston: New England Economic Indicators (current issue)