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September 6, 2007

Report: ME economy continues to lag

The Maine Center for Economic Policy today released its "State of Working Maine 2007" study, which reports that Maine's economy continues to grow slowly.

The Maine Gross State Product grew 1.9% from 2005 to 2006, lower than New England's 2.5% increase and the nation's 3.4% growth rate. The state added jobs at a slightly lower rate than the regional average growth of one percent, which itself was lower than the national average. The median hourly wage for Maine workers was $13.94, lower than regional ($16.70) and national ($14.81) median wages.

But the news isn't all bad: Some of Maine's economic trends, including workforce participation and annual unemployment rate, are in line with or exceed regional and national trends. Read the full report here.

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