Isenberg Professor & Fellow Economists View Massachusetts Economy with Qualified Optimism
March 14, 2013
"Our board has expressed qualified optimism over the Massachusetts economy's prospects for the year ahead," notes Robert Nakosteen, a professor in Isenberg's Operations & Information Management department and Executive Editor of MassBenchmarks, a journal devoted to the Massachusetts Economy and published by the University of Massachusetts and the Federal Reserve Bank of Boston. Nakosteen is author of his journal's Excerpts from the Board, a quarterly discussion by the journal's board members-- economists from the state's universities, the Federal Reserve Bank of Boston, State Street Bank, and the FDIC.
According to Nakosteen and the board, the state's economy will likely build on last year's improved performance, which included payroll employment and gross domestic product that exceeded their national counterparts. The state's residential real estate market is also experiencing modest growth, which Nakosteen characterizes as "really significant." "Clouds on the horizon include several more expected quarters of near zero growth in Europe and the uncertain consequences of the federal sequester," he continues. "Now that it has arrived, we are monitoring its effects as they unfold. If it's any consolation, the sequester can be undone in a heartbeat."
Read Excerpts from the Board here.