Ugh.
The rest of the nation may have come out of recession last quarter, causing minor celebrations on Wall Street yeserday.
But Massachusetts was still in its own recession last quarter.
The big question is: What happened? Wasn’t the state supposed to be in better economic position than the rest of the nation?
It’s only one quarter. Some economists apparently think the U.S. economy is in worse condition than it looks — and Massachusetts is in better shape than it looks.
To a degree, they might be right. The housing crunch wasn’t as bad here as it was in other places. The state’s unemployment rate is still lower than the national average.
So maybe the third quarter numbers were a statistical blip. But it’s still a little discouraging.
File under: TGIF.
P.S. Business Insider looks at how the nation’s economy may have grown in the 3Q due to the cash-for-clunkers program and the $8,000 tax credit. That’s good. They seemed to have worked. But they’re only temporary band-aids.
