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The Maine Business Index indicates that Maine's economic output has
remained rather flat in the latter part of 1995. It has shown only
slight improvement from the same year-ago figure. The only
component showing a significant increase is state government
expenditures. The forecast of the Index does not suggest any
significant growth in 1996.
The number of jobs in Maine in December 1995 has increased by about
50,000 from the year-ago figures and the percent unemployed has
declined in the same period. Maine's unemployment rate for
December 1995 was 5.1%, slightly below the national rate of 5.2%.
The number of jobs in the Bangor region in December 1995 was 8.7%
greater than the December 1994 figure. Comparable figures for the
Portland and Lewiston-Auburn regions were both 7.1%. These growth
rates considerably exceeded those of the United States.
While much attention has been paid to major layoffs in the past
year at some of Maine's larger firms, it appears that these have
been offset by less spectacular expansions in other firms. In
today's uncertain economic environment, just staying even can be
taken as a positive sign.
R.C.M.
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