AUGUSTA — The economy in Maine and the nation is recovering, but at a slow rate.
That was one of the less-than-glowing points made today to the state’s Consensus Economic Forecasting Commission, which is trying to lay the groundwork as state officials look ahead to the next budget.
The State Planning Office told the commission that there are some positive signs in the economy. In August, Maine’s year-over-year economic activity index crossed into positive territory for the first time since April 2008. Personal income also showed signs of improvement during the first half of 2010 compared to 2009.
But the commission was told that consumer sentiment remains weak, a temporary upsurge in home purchases has cooled off, and job creation is too slow to keep unemployment from rising.
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