Massachusetts
Business confidence in Massachusetts falls despite signals of interest rate relief, index shows
Business confidence slipped toward pessimism last month, with employers concerned about sticky inflation and the Federal Reserve’s plans for rate cuts amid rising unemployment numbers, according to the Associated Industries of Massachusetts.
Confidence among the state’s employers slipped from 52 points in July to 51 points in August, down 1.4 points from the same period last year and “marginally optimistic but cautious,” AIM said in their latest Business Confidence Index report.
Sara Johnson, Chair of the AIM Board of Economic Advisors, said “the good news is that 12-month inflation, measured by the personal consumption deflator, held steady in July and consumer spending was robust.”
“At the same time, employers in Massachusetts and across the country have turned more cautious amid concerns about the slowing economy and federal tax, spending, and regulatory policies after the November elections,” she said.
Survey authors note the news comes as inflation remains high but lower than it’s been in years, while the labor market continues to cool. This could be a sign the Fed will follow through with plans announced by Chairman Jerome Powell to move forward with rate cuts.
“Inflation remained steady at 2.5 percent in July, paving the way for the Federal Reserve to reduce interest rates later this month. The labor market, meanwhile, continued to cool, driving the Massachusetts unemployment rate to its highest level in four years at 4.6 percent,” AIM wrote.
Just last month, Powell signaled that the time has come for the central bank to ease up on the gas.
“The time has come for policy to adjust,” Powell said in his keynote speech at the Fed’s annual economic conference in Jackson Hole, Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
AIM’s business confidence index showed pessimistic feelings in July, when it fell to 49.8 points, and in September of 2023, when it was again at 49.8 points. Employers have otherwise been generally optimistic about the state of the economy in Massachusetts through the last year.
That’s not to say there aren’t pain points, according to Suzanne Dwyer, President of the Massachusetts Capital Resource Company and a member of AIM’s board of economic advisors. An employer’s feelings at the moment are entirely reflective of their industry, she said.
“The shifts in the economy appear to be segmenting business confidence by industry, geography and company size. Confidence among manufacturers, for example, continues to be weaker than the overall outlook, and layoffs in the technology sector have eroded confidence in that area as well,” Dwyer said.
AIM surveys more than 140 Bay State businesses to produce their monthly index, the first of which was published in July of 1991. According to AIM, business confidence hit historic highs in 1997 and 1998, with two months in either year showing 68.5% confidence, and hit a low in February of 2009, when it was 33.3%.
Herald wire services contributed to this report.
Two Plymouth, Massachusetts teens were saved from the summit of Mount Washington after a leg injury stranded them.
Khang Nguyen,17, said he and his friend, 18-year-old Vaughn Webb, thought they were well prepared for their hike on Saturday. They brought trekking poles, layers, microspikes for their boots and more.
But halfway up the trail, Nguyen feared the worst when his leg began to hurt.
“It was just incredibly painful to lift up my right leg,” he explained. “I told [Vaughn] to leave me behind so I could go on my own pace and for him to reach the summit to get help at first.”
The pair managed to reach the top of the mountain but had to seek shelter next to a building as wind gusts increased, and the air temperature reached 38 degrees. Nguyen said they also ran out of food and water. The New Hampshire Fish and Game Department received the 911 call around 7:30 p.m. and quickly alerted a State Park employee who began to search for the two teens.
“Conservation Officers then began responding in four-wheel-drive pickup trucks to try and get to the summit and back ahead of incoming snow,” the game department said in a statement.
After around 30 minutes of reaching both Webb and Nguyen were found. They were taken inside a building and Nguyen was being treated for his injury.
“The worker that was up there, [said] that they came in record time, and we appreciate their help a lot. It saved our lives potentially,” Nguyen explained.
The pair was successfully taken off the mountain by 10 p.m. The two teens are now safely back in Massachusetts and are incredibly grateful to their rescuers.
As libraries across western Massachusetts celebrate National Library Week from April 19 to April 25, they are honoring “the last real third space where everyone is welcome,” in the words of Greenfield Public Library Assistant Director Lisa Prolman.
According to the American Library Association, National Library Week is “an annual celebration highlighting the valuable role libraries and library professionals play in transforming lives and strengthening our communities.” This year, several libraries in the region will be hosting events to highlight the roles they play in their communities.
The Athol Public Library is among the venues engaging in National Library Week festivities, with a whole host of events starting on Tuesday, April 21, with Silly Goose Story Time at 10:30 a.m. The library will hold multiple events each day, including “Free Book Friday” on April 24, which Assistant Director Robin Shtulman said is “really fantastic.”
Shtulman said the week celebrates and emphasizes the “freedom to read, community outreach and celebrating the staff, without whom nothing would happen.”
The Athol Public Library said in an event announcement that “whatever brings you joy, the library has something for everyone,” and that aspect is being emphasized this National Library Week. To name a few of the events on tap, on Tuesday, April 21, from 3:30 to 5:30 p.m., there’s a volunteer opportunity where teens will make greeting cards for senior citizens; “A Minecraft Movie” will be shown at the same date and time; and on Thursday, April 23, the library will host Scavenger Hunt Bingo for all ages. For a full list of events at the Athol Public Library, visit atholpubliclibrary.com.
In Shelburne Falls, the Arms Library will feature a gallery from the Carlos Heiligmann Collection, a series of photos of public libraries across western Massachusetts. Also in collaboration with the Arms Library, Pothole Pictures and the Shelburne Falls Area Women’s Club will partner for a screening of “Free For All: The Public Library” on Saturday, April 25, at 2 p.m. at the Shelburne Falls Theater at Memorial Hall.
The documentary focuses on the evolution of the public library from its origins in the 19th century and the challenges it faces today, with modern-day issues such as book bans, funding cuts and debates over censorship.
It also explores the role that women’s clubs, like the one in Shelburne Falls, played in creating the modern library system. To serve their communities, women’s clubs took the lead in fundraising, collecting books and advocating for library legislation.
“Our women’s club in this town started with a group of 60 women who were gathering for lessons. … Because of the support of women in the U.S., we established over 80% of the public libraries [in the country],” said Christin Couture, program chair for the Shelburne Falls Area Women’s Club. “This film … I hear it’s so fascinating.”
Following the film’s screening, there will be a panel of local librarians who will engage in “lively conversation” about the history and future of public libraries. Tickets are $6, though school-age children will be admitted for free.
In Charlemont, Tyler Memorial Library will host an open house on Saturday, April 25, from noon to 2 p.m. featuring refreshments, a tour of the library and sun catcher crafting.
The Greenfield Public Library, meanwhile, is taking National Library Week in a bit of a different direction, as it is offering a book repair demonstration with Tom Hutcheson on Thursday, April 23, at 3:30 p.m. The day marks William Shakespeare’s birthday.
Although the book repair session required registration and is currently full, those who are interested may be placed on a waiting list at greenfieldpl.libcal.com/event/16460179.
Greenfield Public Library Director Anna Bognolo recognized the hard work that everyone has put into making the library a success, offering a “huge thank you” to the volunteers and staff who make its varied offerings possible.
“Stop by and support your library,” Bognolo said.
“Libraries, especially in this economy, are more important than ever,” Prolman said. Referencing the library’s role as a place where community members can go that is not work or home, she added, “They are the last real third space where everyone is welcome, and we don’t charge you for being here.”
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