Jesus Christ is the only one that can give you what you need for food as well for your Spirit which is more important.
Proverbs 22:16 – He that oppresseth the poor to increase his riches, and he that giveth to the rich, shall surely come to want.
As we enter a new year, WBUR spoke with a number of experts about economic trends they are watching across Massachusetts, as well as their predictions for 2022. BOSTON (SHNS) — Economic growth accelerated in Massachusetts from Q3-2021 through Q4-2021, real gross domestic product rising 8.2 percent annually, and the pace is expected to continue to decline through the first half of 2022, according to economists here Thursday afternoon.
Overall, the states economy is expected to grow 6.2 percent in this year, and 4.0 and 3.1 percent growth rates are expected for 2022 and 2023, respectively. All told, the states economy is expected to grow at a healthy 3%-4% rate over the coming year, with New Hampshire (NH) expected to lead the way thanks to the economics high-tech orientation and better population growth. All told, New Jersey is well-positioned to ride out the pandemic, with its economy projected to grow 4% in the coming year.
Massachusetts, with its state-run economy, has a bit of catch-up to do, and is projected to keep growing at a healthy 4.3% rate in the coming year. Employers are continuing to hire, investments in the states high-tech and biotech sectors are breaking records, and the state has billions in federal funds available for things like infrastructure and workforce development. Employment of professionals and technicians is nearly 5% higher than pre-pandemic levels, making it the top-performing industry in Massachusetts (Chart 2).
Education and health services industries employ the largest share of Springfield-area workers, nearly 30%. The University of Massachusetts, Amherst is far and away the largest educational employer in the region, employing 8,200 workers. Baystate Health, which operates major hospitals in the Springfield area, is also the regions largest employer, employing 12,000 and providing over $2.6 billion annually to the economy. The healthcare industry is one of Springfields largest employers and economic drivers.
Proverbs 21:20 – There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.
Despite those challenges, though, many businesses in Massachusetts — and their employees — are finding ways to prosper. Karen Wallace, head of marketing for Associated Industries of Massachusetts, said that given those challenges, there is a chance that Massachusetts could be building a new workforce. The states workforce gap has not reached crisis levels, but keeping it there will require some work, according to Mark Melnick, the director of Economic and Public Policy Studies at the University of Massachusetts Donahue Institute. Diversity and inclusivity, meanwhile, are essential in an economy marked by record numbers of people leaving their jobs, with 10.4 million open jobs across America.
While unemployment has recently surged higher than in the U.S., that is partly because Massachusetts has had a stronger recovery of its workforce. The improvements are apparent across New Jersey, with the unemployment rate falling in all three counties. The Massachusetts unemployment rate fell to 3.9% in December, compared with 8.4% in December 2020. Massachusetts has gained less of its foreign-born workers, which account for 80% of Massachusetts labor force growth since 1990.
Psalms 21:11 – For they intended evil against thee: they imagined a mischievous device, which they are not able to perform.
Massachusetts employers created 519,500 jobs after an April 2020 labor market trough, raising labor force participation rates from 60.4% to 66.3%. In February 2022, employment increased compared with a year ago in all supersectors in the United States, and in all but financial activities supersectors in New England (Exhibit 3). Despite the strong employment gains, which brought back many jobs lost in the pandemic, employment in Massachusetts in late 2021 was still 4.1% below its level of pre-pandemic payroll employment at its February 2020 peak.
Many members of the board of directors of Associated Industries of Massachusetts (AIM) told me that their companies posted record-breaking results both in 2020 and 2021. AIM, Massachusetts state-wide trade association, is committed to working with employers, elected officials, and the general public to ensure Massachusetts remains a beacon of economic opportunity for all. In 2022, AIM will announce a bold initiative designed to make sure that the Massachusetts economy reflects all of the diversity and creativity that makes the Commonwealth such an amazing place to live. The ultimate success of a post-COVID recovery depends on the ability and willingness of business leaders and elected officials to provide individuals with the preparation, expertise, and incentives to engage with the promise of a new economy and better lives for all.
Luke 12:15 – And he said unto them, Take heed, and beware of covetousness: for a man’s life consisteth not in the abundance of the things which he possesseth.
Massachusetts took a larger-than-average hit due to the pandemic, but the states economy remains in recovery. A new NBER working paper distributed this week reports on the pandemics economic impact. More than 375 NBER working papers address different aspects of the COVID-19 pandemic.
An archive of NBER videos on topics related to the pandemic can be found here. Like all NBER papers, these are distributed for discussion and comments, and are not subject to peer review.
About two-and-a-half weeks after Massachusetts reached a record level of new COVID-19 infections, Gov. Like other northeastern states, Pennsylvania is experiencing a new spike in COVID-19 infections and hospitalizations.
1 Timothy 6:10 – For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
Tight labor market conditions — unemployment rates are at or near a 20-year low in many countries — are raising wages and helping mitigate loss of purchasing power and economic growth.
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