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Business confidence in Massachusetts falls despite signals of interest rate relief, index shows

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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.

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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.

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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.

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Massachusetts man awaits word from family in Iran after attacks

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Massachusetts man awaits word from family in Iran after attacks




Massachusetts man awaits word from family in Iran after attacks – CBS Boston

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Poya Sohrabi hasn’t heard from his family since they took shelter from attacks in Tehran. WBZ-TV’s Mike Sullivan reports.

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How will the Iran war impact gas prices in Massachusetts?

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How will the Iran war impact gas prices in Massachusetts?


With a widening conflict in the Middle East after the American and Israeli attack on Iran Saturday, global markets are bracing for a shakeup in the energy supply chain.

So, here at home, what can consumers expect at the gas pump?

An increase in oil prices is almost always followed by an increase in gas prices. And the oil market has already reacted to the war. NBC News reported on Sunday that U.S. crude oil initially spiked more than 10%, while Brent, the international oil benchmark, rose as much as 13%.

Early Monday morning, reports were coming in of black smoke rising from the U.S. embassy in Kuwait City.

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While Iran’s oil reserves supply less than an estimated 5% of global production, the main concern is the Strait of Hormuz. This maritime passageway borders Iran at the bottleneck of the Persian Gulf, and more than 20% of the world’s oil passes through. If Iran closes or restricts Hormuz, the oil market could face severe disruptions.

Gas prices rise about 2.5 cents for every dollar increase in crude oil prices. As of Sunday, U.S. crude oil prices had already increased by nearly $5 a barrel.

“I fully expect that by Monday night, you could credibly say that gas prices are being impacted by oil prices having gone up,” GasBuddy analyst Patrick De Haan told NBC News.

GasBuddy characterizes their expectations for price increases as “incremental” rather than “explosive”. The group said to anticipate a potential 10-15 cent increase over the next couple of weeks.

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Body camera video shows Massachusetts police officer save 78-year-old man from burning truck – East Idaho News

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Body camera video shows Massachusetts police officer save 78-year-old man from burning truck – East Idaho News


EASTON, Mass. (WBZ) — Police body camera video shows an Easton, Massachusetts, officer rescuing a 78-year-old Raynham man from a burning car on Friday morning.

A Mack dump truck was experiencing problems on the side of Turnpike Street just after 2 a.m. when a Ford pickup truck struck the back of it, according to police.

The pickup truck then became stuck under the dump truck, trapping the driver, Francis Leverone, inside. A Toyota Camry then hit the back of the pickup truck and caught fire, police said.

Easton police officer Dean Soucie arrived at the crash and saw that the two vehicles were on fire. Video shows Soucie rushing over before breaking the driver’s side window and then, with the help of the two witnesses, freeing Leverone from the pickup truck. Soucie said he was confused but conscious.

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“As I reached inside the vehicle, one of the passersby — he actually jumped into the cab of the truck, and he helped me free the individual,” Soucie said.

They then carried the driver to safety.

Leverone was taken to a nearby hospital before being transferred to a Boston hospital. He received serious but non-life-threatening injuries.

No one else was injured in the crash.

Dee Leverone told WBZ her husband is doing OK. “I’m just thankful for the people that got him out,” she said. “Very thankful.”

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After watching the police body-cam video on the news she said, “I was shocked, I was like ‘Oh my God!’ I just couldn’t believe it. His truck is like melted.”

She says she realized that something was wrong last night when her husband never made it home from work.

“I kept trying to call him and call him, and I finally got a hold of him at like 4:30 a.m., and he was at (Good Samaritan Hospital) and he told me he’s gotten in an accident,” Dee said.

She says he’s recovering at the Boston Medical Center and being treated for a dislocated hip.

“He’s a trooper,” Dee said. “He’s a strong man — and you know he’s 78, but you know he’s a toughie. He definitely is a toughie.”

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Soucie commended the help of the two witnesses and said that before he arrived at the crash, they had attempted to put out the flames with a fire extinguisher and removed a gasoline tank from the pickup truck before it could ignite.

“They jumped into action like it was nothing,” Soucie said. “Those two individuals were absolutely awesome.”

Easton Police Chief Keith Boone said that he is “extremely proud” of Soucie and the witnesses.

“He saved a life last night,” Chief Boone said. “He is an exemplary police officer and this is just one example. I think he’s a hero.”

Turnpike Street was closed for several hours following the crash. Easton Police are investigating.

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