State’s GDP fell in the second quarter

State’s GDP fell in the second quarter

Summary : Alan Clayton-Matthews, an editor of the MassBenchmarks reports, said the state’s economy shrunk slightly despite signs of strong employment growth. Workers’ wages and salaries, on average, are not keeping up with inflation despite brisk year-over-year growth, and total personal incomes are just barely keeping up. The MassBenchmarks outlook for the rest of the year calls for slow growth in the Massachusetts economy, but uncertainty remains high. John Galvani, the chief executive of Norwood Bank, will lead the combined business while Foxboro Federal president Dennis Parente will retire.

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