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The Boston Globe

Business

State’s growth rate less than 1%

The Massachusetts economy deteriorated in the three months between April and June, as federal budget cutbacks and tax increases earlier this year undermined the state’s expansion, according to a report by the University of Massachusetts and the Federal Reserve Bank of Boston.

Massachusetts’ economy grew at annual rate of less than 1 percent during that period, lagging behind the US economy, which grew at a 1.7 percent rate during the same period, the Commerce Department reported Wednesday.

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