Connect with us

Massachusetts

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

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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





Source link

Massachusetts

Driver charged in Plymouth hit-and-run

Published

on

Driver charged in Plymouth hit-and-run


Authorities said a driver is facing charges after a hit-and-run crash left a pedestrian badly hurt this weekend in Plymouth, Massachusetts.

The crash happened around 6:30 p.m. Saturday on Court Street. Police said the driver briefly stopped before fleeing the scene.

The victim was airlifted to a Boston hospital with critical injuries. Plymouth police said Monday that the patient is in stable condition and faces a long road to recovery.

The driver, identified as Francis Kelly of Plymouth, is charged with negligent operation and leaving the scene of a crash causing personal injury.

Advertisement

“We would like to sincerely thank the public for the tips provided and for sharing surveillance footage that proved critical to this investigation,” Plymouth Police Capt. Marc Higgins said in a statement. “Incidents like this underscore the strength of community cooperation in supporting victims and ensuring accountability.”



Source link

Continue Reading

Massachusetts

White Christmas chances rise in western Massachusetts

Published

on

White Christmas chances rise in western Massachusetts


CHICOPEE, Mass. (WWLP) – There is a chance for snow leading up to Christmas. 

In western Massachusetts, the chances for a white Christmas go up the farther north you are or the closer you are to the Berkshires. In Springfield, the chance for at least one inch of snow on Christmas Day is around 40 to 50 percent.

In Pittsfield, the chances are over 75 percent. In the extreme northwest corner of Massachusetts, near North Adams, the historical chance for a white Christmas is over 90 percent. So, it definitely helps your chances for snow if you’re in one of the higher-elevation areas.

How much snow is expected Tuesday

Light snow will begin on Tuesday around sunrise and continue on and off for much of the day until the evening.  A minor accumulation is expected in the Pioneer Valley with a few inches in the hills and Berkshires. Slick roads and sidewalks are possible, especially if not treated. High temperatures will be in the low to mid-30s.

Advertisement

What’s the chance of a white Christmas in western Mass?

As of right now, the chances for a white Christmas this year are definitely higher than in the past few years, with some snow on Tuesday. Of course, the best chance for the snow to stick around until Christmas Day without melting will be back in the Berkshires. 

December 25 2025 12:00 am

Christmas Eve and Christmas Day both look dry and comfortable.

Advertisement

Local News Headlines