Category: Other

Showing signs of improvement over weak August numbers that had the state losing an estimated 5,000 jobs, Massachusetts employers reported on Thursday they had added 9,400 jobs in September. The data came from the monthly jobs survey conducted by the Executive Office of Labor and Workforce Development (EOWLD). Still, the Bay State’s unemployment rate actually rose to 6 percent, up from 5.8 percent in August, slightly above the national rate of 5.9 percent.

How can the unemployment rate climb when the economy is adding jobs? The answer is simple: More people are looking for work.

According to the survey, the Commonwealth’s workforce grew by about 14,600 people in September. This simply means that more people said they were actively participating in the job market than had previously been the case.

The “Market Basket” Effect

Separately, the U.S. Bureau of Labor Statistics said September’s job growth was fueled by 10,700 new jobs in the trade, transportation and utilities sector. One reason cited for that sector’s rebound, was the resolution of a work slowdown and boycott at the Market Basket supermarket chain where ownership troubles resulted in “temporary disruptions in the retail trade.” The situation there stabilized in September after Arthur T. Demoulas won control of the company.

Demoulas, who inspired an employee revolt after he was ousted as the company’s CEO by family members who collectively controlled a majority interest in the chain, agreed, along with his sisters, to purchase the company from them outright.

Mixed Bag

The job results were less robust in other sectors of the economy. The Federal Reserve Bank of Boston on Wednesday reported what it described as a “mixed picture” in the region’s job picture, with manufacturing appearing weaker while business consulting and advertising services showed strength.

While the information sector added 1,900 jobs, the leisure and hospitality sector added 1,000 and the professional, scientific and business services sector added 800, the education and health services sector lost 4,800 jobs in September, and manufacturing was down by 700 jobs.

What Does This Mean?

While Massachusetts has historically enjoyed a lower unemployment rate than that of the nation at large, this was not the case last month.  In fact, this gap has been steadily narrowing for months. What led to this reversal? Either the state’s economy is stagnant and the unemployment rate is steadily ticking up due solely to an increase in population – OR – the economy is improving to the point where those who had previously been discouraged enough to withdraw from the job market are now re-entering in numbers large enough to skew the results.

The real answer surely lies somewhere in the middle.

The 2014 Big E set a new attendance record of 1,498,605 as fair enthusiasts flocked to the annual regional event. Eager visitors also broke 1980’s single day attendance record on Saturday Sept. 20th when 170,612 visitors poured into the fairgrounds. This year’s attendance figures represent a healthy increase over 2013 when 1,481,917 visitors attended the Big E. The event’s success can only be interpreted as great news for local businesses and event participants since the Big E creates such a huge impact – to the tune of almost half a billion dollars – on the local economy!

Something for Everyone

Eastern States Exposition President Eugene Cassidy expressed his gratitude for the support of the North American  agriculture community and visitors from the New England area and beyond. The popular fair, which lasted a total of 17 days, offered a little something for everyone. The Midway was crowded with rides and tasty treats and tempting fried food specialties. If that wasn’t enough, Ben & Jerry’s allowed fair visitors to sample their new “Two Wild and Crazy Pies” flavored ice cream. Continuing with the pie theme, Moolicious Farms also introduced its latest concoction, Smash-A-Pie, and Rondeau’s asked for Big E staff input as they created an original flavor of banana cream pie ice cream.

The Mallary Complex was filled to capacity with interesting attractions. The fair also featured 4H competitions and sheep shearing demonstrations. The traditional six-horse hitch showdown went off without a hitch, with no less than 14 hard pulling teams of powerful draft horses competing for the $5,000 prize. Mark Barie and his beautiful Belgians won the contest for the second year in a row. And, of course, what fair would be complete without an exciting goat milking competition?

As for music, the 2014 Big E offered some big time performances. Lynyrd Skynyrd, Little Big Town and Darius Rucker among others, satisfied the musical appetites of fair attendees.Although it was sad to see the 2014 Big E come to an end, Eugene Cassidy indicated that he was already looking forward to preparing for next year’s fair. Cassidy and his staff are also looking ahead to the Big E centennial in 2016.

There’s a good chance that this year’s attendance record won’t stand for long.

In the modern American business landscape, few have been more successful – and outspoken – than Mark Cuban. If his $2.7 Billion net worth isn’t impressive enough for you, a quick glance at the list of companies with which he is involved is truly staggering.  (For those who may be unfamiliar with his portfolio of companies, his website will give you an idea of just how many recognizable names he’s helped launch.)

He certainly has a proven track record in launching successful new endeavors. However, this level of expertise never comes without the inevitable occasional mistake made or diversionary path taken. Pitfalls and traps abound and – having been down the same path a few times – Cuban knows where most of them are.

Never one to be even remotely shy about voicing his opinions or about offering advice to anyone who will listen, Cuban has now condensed his experience into 12 Rules for Startups:

The New England Revolution is on the search for a new stadium to call home, and Boston might just be it. While some soccer fans are eager to see this stadium come to town, especially as the sport becomes increasingly popular in American society, others are saying that the city already has enough traffic and congestion.

Building the stadium in Boston can help to drive the economy. With the presence of a stadium, jobs will emerge for concession vendors, seat escorts, marketers and the like. For those who are experiencing the side effects of a downtrodden economy, the soccer stadium could be a true boon. Additionally, the stadium can help to drive more tourism and travel to the city. People who are looking for family-friendly activities in an outdoor setting can purchase tickets to the soccer game. This stadium will give travelers and residents a choice amongst more sports to watch.

On the other hand, Boston is a city with a lot of traffic and congestion. Adding a new soccer stadium will likely increase the influx of individuals to the area. Furthermore, it will cost money to build the stadium, and some residents feel that these funds could be better allocated. Other cities and areas are also hoping that the stadium will be built within their limits. Soccer stadiums have the ability to revitalize areas that are hurting or that have problems with crime. While Boston has some areas that could use a bit of uplifting, other cities in the New England region are in-need of more help.

Whether or not the new professional soccer stadium should be built in Boston is going to depend upon many factors, and quite a few of them relate to financial or economic means. Only time will tell if the New England Revolution will soon grace the streets of Boston.

In the aftermath of the Obama administration’s failure to garner sufficient support for a federal minimum wage increase, some states are taking action on their own – including Massachusetts. State Governor Patrick has signed a measure that would raise the state’s minimum wage to eleven USD hourly by year 2017.

Although this will place Massachusetts at the top of the list of high minimum wage states, other Democrat-predominant states also are following suit. Democrats point to stagnating wages, persistent poverty among employees working a majority of the weeks of the year and an increased concentration of wealth in top percentiles as ample justification for mandated pay increases. Maryland, Hawaii and other blue states also are shifting towards a $10.10 minimum wage rate that’s identical to the one Barack Obama originally proposed for federal workers. Since these wage increases won’t trigger for several years, in theory, businesses are given ample time to adjust.

However, Republican objections to generalized minimum wage increases have been consistent. A minority of Republicans have expressed support for minimum wage increases of smaller quantities, but the majority remain steadfastly in opposition, claiming that businesses will be hurt by being forced to pay under-skilled workers non-competitive wages. Their party’s opposition was instrumental in blocking the president’s proposed federal minimum wage increase in 2013.

By way of contrast to their Democrat counterparts, Republican states tend towards low minimum wages that are intended to maintain a business-friendly environment that maximizes theoretical job growth. Of these states, Arkansas, Georgia and Wyoming maintain the lowest minimum wages ($6.25 for Arkansas, $5.15 for the latter two states). Minnesota also maintains an unusually low minimum wage for a predominantly blue state, with rates alternating between $5.25 or $6.15, dependent on the size of the employer.

Out of the fifty states of the US, thirty-eight have considered some form of minimum wage increase this year. Eight of them – all of them blue – have actually enacted the proposed bills, along with Washington DC.