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First Rise Since March 2000
November 26, 2003
BOSTON -- For the first time since March 2000, employment in each of the five leading industries that drive the metropolitan Boston economy has increased, the Greater Boston Chamber of Commerce said Wednesday.
The chamber's "Leading Industries Index," which gives a composite employment picture from those industries, rose from 104.5 in September to 105.4 last month.
Higher education and consulting reported the highest gain, adding 4,900 jobs. Financial services added 1,100, health care 600, technology 200 and the visitor industry 60.
The five industries account for more than half of all jobs in greater Boston.
"The October Index may be the first clear indication that employment levels are increasing throughout Greater Boston's economy," said Paul Guzzi, the Chamber's president and chief executive officer. "It appears that the economic recovery, as evidenced by the strong growth in the revised gross domestic product, may be gaining enough momentum to start creating new jobs."
The index is calculated by weighing employment estimates for each industry's relative size, creating a single figure that is adjusted for seasonal fluctuations.