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The US economy is wonky right now. How about Massachusetts? – The Boston Globe

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The US economy is wonky right now. How about Massachusetts? – The Boston Globe


With that in mind, here are four graphs that capture the state of markets, jobs, industry, and cost-of-living in the US, Massachusetts, and Greater Boston.

Stocks

First things first: Wall Street’s mini-meltdown on Aug. 5 hit the Nasdaq Composite — a collection of tech-focused companies — particularly hard, with the index slipping 3.4 percent from the previous business day. This is likely due to existing anxieties about whether stocks in this sector have been bullishly overvalued by the AI boom.

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The Dow Jones industrial average and the Standard & Poor’s 500 indexes also experienced routs, though less dramatic (2.6 percent and 3 percent, respectively).

The Massachusetts economy — while relatively strong — is heavy on tech and biotech, so it landed somewhere in the middle. On Monday, the closing price of the Boston Globe’s index, which tracks 25 publicly traded companies in the Bay State, sank 2.9 percent.

But, like, the other indexes, it was back in recovery mode by Tuesday, a rally that continued — with some stops and starts — through the week.

Employment

A big concern right now among investors is the job market, considered one of the strongest indicators of an impending recession.

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The US added a relatively meager 114,000 jobs in July. State-specific payroll data for July won’t be released until later this month. But by the latest measures, Massachusetts companies are very much in hiring mode.

After stumbling earlier this year, Massachusetts employers added 19,000 jobs in June, according to the Bureau of Labor Statistics — an uptick of 0.51 percent from May. By comparison, the US’s bump from May to June was just 0.11 percent.

GDP

Growth in Massachusetts’ gross domestic product — the total value of all produced goods and services — outran that of the US in the second quarter of 2024, ticking up by an annualized rate of 3.3 percent from the first quarter, according to MassBenchmarks, an economic group that analyzes the state. The last time that happened was a year ago, in the second quarter of 2023.

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MassBenchmarks has some theories for why that is. “In Massachusetts, this increase in growth was supported by moderate payroll employment growth, high withholding and sales taxes — which imply high wage and salary income and spending growth, low unemployment rates, and a growing labor force,” the group said in a report.

Inflation/cost-of-living

If there’s one area where Boston reliably outpaces the rest of the country, it’s the cost of living. Recent data show that’s not changing.

After months of year-over-year inflation growth in the Boston metro area staying in the 2 percent range, it began to edge up again earlier this year. The last reported measure showed prices 4 percent higher in May 2024 than they were in May 2023, compared to 3.3 percent higher for the US. The increase in Boston was primarily driven — no surprise — by exorbitant shelter costs.

It remains to be seen whether prices in Boston have abated at all over the summer; the next Consumer Price Index for the metro area is due to be released later this month.

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Dana Gerber can be reached at dana.gerber@globe.com. Follow her @danagerber6.





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Nantucket blasts Massachusetts state senator for leaving meeting early: ‘A disgrace’

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Nantucket blasts Massachusetts state senator for leaving meeting early: ‘A disgrace’


Nantucket residents are blasting state Sen. Julian Cyr, D-Cape and Islands, for not staying at a Select Board meeting that addressed Vineyard Wind, while the senator is connecting his departure to travel logistics.

Cyr traveled to Nantucket for Wednesday’s Select Board meeting, his first appearance at a meeting following last month’s incident, resulting in a debris mess across the island and region.

But the senator told the board and residents in attendance he couldn’t stay for the entire meeting because he had to catch a ferry to get back to Provincetown, where he lives. He added he’d listen to the rest of the meeting remotely.

State Rep. Dylan Fernandes, who also represents the island, didn’t attend the meeting, featuring representatives from federal and state environmental agencies.

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“It is a disgrace that Mr. Cyr has left, and we haven’t seen Mr. Fernandez,” resident Amy DiSibio said. “I actually feel very sorry for this Select Board because this is way beyond the scope of what you should be doing.”

Speaking with the Herald on Thursday, Cyr said he showed up at Nantucket Town Hall around 4:45 Wednesday afternoon and spoke with several concerned residents. His arrival came after an hour-and-a-half drive from his home in Provincetown to Hyannis to board the ferry, he said.

The Select Board, Cyr said, offered him and other guests to speak virtually, but he opted to go in person because he found the meeting “important.”

“Obviously, there’s quite a bit of travel involved with going to them due to the boat schedule,” Cyr said. “I had to get a boat so I stayed at the meeting and listened, and then I listened the whole rest of the way.”

“I am actually pretty present on the island,” he added. “At the end of my remarks, I said I was going to stay as long as I could and I was going to be listening to the rest of the meeting on the ferry ride home so I was pretty transparent about that.”

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Val Oliver is the founding director of ACK4Whales, a group of concerned residents fighting the Vineyard Wind project. She voiced frustration over how Cyr and the state as a whole have responded to the blade failure.

“My main comments are going to be for our senator,” Oliver said, “but I see his interest, as usual, is not in helping Nantucket, and he has left. He didn’t care enough to come when it happened.”

“Our state government is in an all-on push for this regardless of what the outcome is,” she added. “They have set these lofty goals and really don’t know what’s going to happen, and it’s evident by all of the agency speak that we get.”

A Herald analysis last month found that employees who list Avangrid, Vineyard Wind’s parent company, as their employer had made 217 donations totaling $57,677 to dozens of state and local campaigns since March 2018, two months before the Baker administration selected a Vineyard Wind bid for contract negotiation.

Cyr has collected 17 contributions for $3,036 since 2021, according to the state Office of Campaign and Political Finance. Five of those, totaling $1,300, came from his former chief of staff, Patrick Johnson, who currently serves as Avangrid’s director of public affairs.

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In a statement he read to the Select Board, Cyr commended the town for its “leadership and calmness” in the aftermath of the debacle. He demanded better communication from GE Vernova and Vineyard Wind, saying he was “deeply disturbed” that he found out about the failure two days later.

“Of course, we have been strong partners in representing this island going on eight years,” Cyr told the board of the connection he and Fernanes share with Nantucket. “ Of course, we will continue to stay in close contact. We really view our role here as going to bat for the town and the town’s needs, desires and wishes.”

Cyr’s departure didn’t make a good impression on his challenger, Christopher Lauzon, a Republican from Barnstable vying for the Cape and Islands Senate seat.

“We are not here for political campaigning tonight, I’ll be honest with you,” Select Board Chairwoman Brooke Mohr told Lauzon before allowing him to speak during public comment.

“This is a serious problem for the entire district,” Lauzon said in a statement Thursday. “We need a senator who cares and doesn’t have a conflict of interest with Avangrid. As the next senator I will protect the environment and interests of the district, not corporations.”

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Massachusetts sales tax holiday underway all weekend

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Massachusetts sales tax holiday underway all weekend


Massachusetts sales tax holiday underway all weekend – CBS Boston

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All weekend long, most items under $2,500 are exempt from the state’s 6.25% sales tax.

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Massachusetts State Police investigating 2 fatal crashes | ABC6

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Massachusetts State Police investigating 2 fatal crashes | ABC6


Traffic on Route 24 after a fatal crash on Aug. 9, 2024. (WLNE)

TAUNTON, Mass. (WLNE) — Massachusetts State Police said they are investigating two fatal crashes Friday evening.

The first occurred near the base of the Sagamore Bridge on Route 3, while the second was in Taunton on Route 24.

ABC 6 News crews on scene on Route 24 saw traffic backed up as first responders investigated the incident.

This is a developing story and will be updated as more information becomes available.

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