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.
Massachusetts
Meteor Lands In Cape Cod + Bus Crash Kills 5 From MA + Wind Storm Knocks Out Power To Thousands: MA Weekend
MASSACHUSETTS — Residents throughout New England were simultaneously startled as a meteor that landed in Cape Cod caused a sonic boom this past weekend.
Meanwhile, a bus driver is facing charges after five Massachusetts residents died in a crash on a highway in Virginia.
Plus, another State Trooper was caught handling a wrong-way driver situation on Route 1.
Mysterious Boom Heard Across MA Was An Exploding Meteor, Experts Say
The noises were heard around 2:11 p.m. Saturday, with people describing a sudden bang that rattled windows and even shook some homes. The American Meteor Society said that the booms heard were actually caused by a meteor about three feet wide entering the atmosphere near the border of Massachusetts and New Hampshire.
Residents as far as Ipswich and Johnston, Rhode Island, reported hearing and feeling the sensations. Meteorologist Nick Stewart shared satellite images from the National Oceanic and Atmospheric Administration, showing where the meteor entered the atmosphere and combusted while traveling at 75,000 miles per hour above the ocean.
Bus Driver Charged After MA Family Of 4, Worcester Woman Killed In VA Crash
Jing S. Dong, of Staten Island, New York, now faces two counts of involuntary manslaughter in connection with the collision, which occurred around 2:35 a.m. Friday on southbound I-95 near Quantico. Among those killed were a 45-year-old man, a 44-year-old woman, a 13-year-old girl and a 7-year-old boy, all from Greenfield, Massachusetts. All were in the Acura, which police said caught fire after the collisions. Police on Saturday evening identified the fifth person killed as Priscilla R. Mafalda, 25, of Worcester, Massachusetts, who was riding in the Suburban struck by the bus.
In total, about 44 people were transported to area hospitals, including three with critical injuries.
State Trooper Hospitalized After Route 1 Wrong-Way Crash In Peabody
State Police said the trooper was hospitalized with non-life-threatening injuries after police acted in coordination to protect traffic and stop the driver, who was traveling southbound on Route 1 North in Peabody. The incident occurred not far from the location on Route 1 where State Trooper Kevin Trainor was killed when his cruiser was hit head-on in a wrong-way crash in Lynnfield last month. The driver in Sunday’s crash was also hospitalized and charged with operating under the influence of liquor, negligent operation of a motor vehicle, and driving the wrong way on a state highway.
Rapidly Expanding Grocery Chain Has Big Plans For MA
Sprouts Farmers Market is slated to launch up to 40 locations throughout the region in the coming years. Construction has begun for the first Massachusetts spot in Weymouth, which has an opening date of 2028. The Phoenix-based organic grocery chain has more than 480 stores in 25 states.
Saturday’s Meteorite Was ‘Fishy Squisher’ And NASA Knows Where To Find It In Cape Cod Bay
Data from NASA suggest fragments of the meteorite lie in waters from the middle of the bay to about 10 miles northeast of the town of Sandwich. The agency said late Saturday it picked up radar signatures of the fragments from four radar sites, and termed the strike a “fishy squisher.” The meteorite entered Earth’s atmosphere about 40 miles above the Bay State and southern New Hampshire, creating the sonic boom. Water in the bombarded portion of Cape Cod Bay is about 100 feet deep.
35K Without Power As Winter-Like Storm Pummels MA With 55+ MPH Winds
Massachusetts residents throughout the North Shore were without power on Saturday morning as a winter-like storm tore a path of tree damage, downpours, and fierce winds throughout New England. Widespread tree damage was reported across the state, with the Massachusetts Emergency Management Agency reporting 34,228 customers without power as of 11:20 a.m. Wind speeds reached a high of 55 miles per hour. Temperatures dropped into the 40s with wind chills in the 30s as the storm arrived across the Bay State. The unsettled weather will continue through Monday and Tuesday before a warming trend takes hold later in the week.
See Also:
Cape Shoreline Named Among The Nation’s 10 Best, According To ‘Dr. Beach’
Massachusetts
Markey wins Mass. Dems’ endorsement as Moulton clears ballot hurdle in Senate race
U.S. Rep. Seth Moulton, a moderate Massachusetts Democrat, secured enough delegate support Saturday to appear on the state’s primary ballot as he challenges incumbent U.S. Sen. Ed Markey in this year’s Senate race.
Yet even though Moulton cleared a key hurdle to continue his Senate bid, it was Markey who won the party’s endorsement after winning more than 50% of the delegation’s support.
“You have a choice, you have to decide what the future looks like and what you’re going to demand,” Markey said Saturday in front of more than 4,000 delegates.
Markey won nearly 73% of the delegates’ support, while Moulton won nearly 27% of the vote. Massachusetts Democratic Party rules require statewide candidates to get at least 15% of delegate support to appear on primary ballots.
In heavily Democratic Massachusetts, the Senate primary contest is one of the most closely watched in the country as Moulton, 47, has centered his campaign on changing the status quo and demanding a generational shift in leadership.
If reelected, Markey would be 80 before his third six-year term would begin. While Markey has touted his stamina and embrace of progressive policies, questions about age have continued to swirl around Democratic candidates as they fight to take back control of Congress.
Incumbent Sen. Ed Markey is leading Rep. Seth Moulton, but if Rep. Ayanna Pressley were to enter the Democratic primary, it would change the picture, according to a new poll from Suffolk University and The Boston Globe.
In his nomination speech, Moulton argued that the Democratic Party needed more than “incremental change” and needed to start anew.
“It’s time for the generation that grew up with the internet, and will have to live for decades with AI, to lead our way through it,” Moulton said.
Moulton only addressed his opponent briefly during his nomination speech, giving a passing nod on not waiting another six years for generational change and later calling on Markey to participate in multiple debates before the September primary. Currently, the two candidates have agreed to participate in one debate later this summer.
Markey, instead, took a more critical approach by attacking Moulton’s previous comments about transgender kids and accepting corporate PAC money.
“Massachusetts deserves better than a senator who scapegoats trans kids,” Markey said to loud cheers.
In 2024, Moulton caught flak from some members of his party for saying he didn’t want his daughters playing in sports against transgender girls. Critics said Moulton echoed Trump’s talking points against allowing transgender athletes in girls’ and women’s sports.
Moulton has since said his intent with that statement “was to point out that, as a party, we need to be willing to have difficult conversations.”
Moulton, who enlisted in the Marines after the Sept. 11, 2001, attacks and served four tours of duty in Iraq, was first elected to the U.S. House of Representatives in 2014. He briefly launched a 2020 presidential campaign, but he dropped that bid after a few months.
Markey served as a Massachusetts congressman for nearly 40 years before winning the Senate seat in 2013. He fended off a challenge in 2020 from Rep. Joe Kennedy III in the Senate primary by turning to his progressive allies to overcome a challenge from a younger rival from America’s most famous political family.
The Massachusetts primary is Sept. 1.
Massachusetts
Randolph woman wins $1M lottery prize, plans to use winnings for home improvements
RANDOLPH, Mass. (WWLP) – A Randolph resident has won a $1 million prize through the final drawing of the Massachusetts State Lottery “$4,000,000 Monopoly Doubler” instant ticket game.
Brenda Mellor of Randolph claimed the game’s tenth and final $1 million prize.
She selected the cash option and received a one-time payment of $650,000 before taxes. Mellor said she plans to use the winnings to pay for home improvements, including renovations to her roof and pool.
The winning ticket was purchased at The Variety Store at 2 Mazzeo Drive in Randolph. The retailer will receive a $10,000 bonus for selling the ticket.
Local News Headlines
WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Download the 22News Plus app on your TV to watch live-streaming newscasts and video on demand.
-
News11 minutes agoRemains of Los Alamos National Laboratory employee missing for nearly a year found in New Mexico forest | CNN
-
Los Angeles, Ca2 hours agoSticker shock not just affecting World Cup match ticket prices, but parking costs too
-
Detroit, MI2 hours agoFrankie Valli cancels tour. Why Four Seasons won’t be back in Detroit
-
San Francisco, CA2 hours agoLive From Microsoft Build 2026 San Francisco
-
Dallas, TX2 hours agoDallas Cowboys Full OTA Schedule Ahead Of 2026 NFL Season
-
Miami, FL2 hours agoThese Miami pizza spots rank among America’s best
-
Boston, MA2 hours agoNew England’s most welcoming towns and best summer escapes
-
Denver, CO2 hours agoA Writer Goes Down the Rabbit Hole at Denver’s First Microdosing Cafe