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Boston's Morning Newsletter
3 ways job market jitters are reverberating in Massachusetts
Editor's Note: This is an excerpt from WBUR's daily morning newsletter, WBUR Today. If you like what you read and want it in your inbox, sign up here.
While we wait to see who Vice President Kamala Harris reveals as her running mate today on the now-official Democratic ticket, let’s catch up on some other big news:
The local angle: Could an economic slowdown be in store for Massachusetts’ ever-strong economy? After a weaker-than-expected US jobs report Friday, the S&P 500 had its worst day in nearly two years yesterday. Economic analysts say there are some local warning signs, too. “We’re not seeing large numbers of layoffs or anything that could cause concern like that,” Michael Goodman, co-editor of the economic research group Mass Benchmarks, told WBUR’s Amy Sokolow. “But clearly, some of the developments at the national level … suggest that we are experiencing the beginnings of a slowdown here.”
- In government: Tax revenue in Massachusetts is down again. Data released yesterday showed the state brought in $2.65 billion last month — $18 million less than in July 2023. And if not for an incidental shift in tax collections between months, it actually would have been down by $78 million to last July. Officials point to lower income tax revenue as a primary factor.
- For consumers: The cost of living — as measured by the Consumer Price Index — has also been growing faster in Massachusetts than the rest of the country, according to Mass Benchmarks. “That’s certainly troubling and could help to explain some of the cost pressures that are being experienced by our households, our working families and our businesses,” Goodman said
- In business: Several large, locally headquartered companies also saw their stocks tumble yesterday. Boston-based State Street’s stock dropped 4.7%, Framingham-based TJX saw a 3.8% decline and Boston’s Vertex slid 3.5%. Meanwhile, Cambridge’s Moderna was down 3.3% yesterday — and over 30% since last week.
- The big picture: Massachusetts’ economy still gets relatively high marks overall. The state’s GDP grew faster than the rest of the nation’s rate in the second quarter. And while the number of jobs grew slowly, its unemployment rate remains low.
- ICYMI: Here are three things to know about last week’s jobs report — and why labor market concerns could be overblown.
Some green to go green: A number of Boston residents can now get help from the city buying an electric bike. Mayor Michelle Wu announced a new incentive program yesterday, which will send out about 1,000 vouchers ranging from $800 to $2,400. It will also offer $150 for safety equipment like helmets, lights and locks.
- The fine print: The vouchers are only open to Boston residents over the age of 18 who make less than $45,720 a year, folks over 60 years old, or those who have a chronic or permanent disability. After the winning applicants are randomly selected, they will have 90 days to use the vouchers at a to-be-announced list of bike shops.
Shelter latest: Massachusetts has notified 57 families staying in overflow shelters that they need to leave the facilities by this Friday. They are the first to be ordered out under the new policy, which limits stays in the rebranded “temporary respite sites” to five days. There are 270 families currently in the temporary respite sites, and 7,382 families were in the larger emergency shelter system as of last Thursday.
- The state says it has given some families tickets to travel to other states where they may have a place to stay. Providers are working with other families to help them figure out their next steps.
On your marks: Northampton native Gabby Thomas will run in the Olympic women’s 200-meter final this afternoon in Paris, after coasting to first place in yesterday’s semifinal heat. After winning bronze and silver in Tokyo in 2021, Thomas is looking to bring home her first Olympic gold.
- How to watch: The race is scheduled for 3:40 p.m. (ET) on NBC and Peacock.
Out west: North Adams Regional Hospital is celebrating a federal designation that could shore up its future, after being closed for a decade. New England Public Media reports leaders got word last week that the hospital had been deemed a “Critical Access Hospital.”
- Why does that matter? The designation pays for hospital staffing, regardless of the number of patients. (It’s designed to help rural hospitals stay afloat.) The previous North Adams Regional Hospital closed abruptly in March 2014 and then declared bankruptcy. The hospital reopened in March.
P.S.— Maine revealed its winning submission for the proposed state flag design that residents will get to vote on this fall. The proposal pays homage to the state’s first flag, featuring a pine tree and blue star — but with more detail. Check it out here.
