BUSINESS BRIEFS: Biz Confidence Slips, State Investments, Tipped Worker Ballot Q

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Business Confidence Falls in June

Massachusetts business confidence tumbled into pessimistic territory during June amid indications that the Federal Reserve’s two-year effort to moderate inflation may finally be slowing down the economy. The Associated Industries of Massachusetts Business Confidence Index (BCI) declined 3.5 points to 49.8 last month, its lowest mark since September. The reading was 0.1 point better than a year ago and just less than the 50 mark that separates negative and positive outlooks. The results mirror mixed readings in national surveys of both employers and consumers. The Institute of Supply Management indices for both manufacturing and non-manufacturing companies dipped beneath the neutral 50 level in June, while the S&P Global services PMI rose from 54.8 in May to 55.3. Sara Johnson, Chair of the AIM Board of Economic Advisors (BEA), which oversees the BCI, cautioned about reading too much into a single monthly result.

Billions Invested by State

The Massachusetts Senate unanimously passed a comprehensive economic development bill that makes bold investments in life sciences, climate tech, and small businesses, building on Massachusetts’ national leadership and creating an environment where businesses and workers thrive. The $2.86 billion in bonds authorized in An Act Relative to strengthening Massachusetts’ economic leadership will stimulate new and proven industries, support workforce development and talent retention, and modernize economic growth strategies. The support in S.2586 extends to small businesses, communities, and cultural development, ensuring that main street businesses across the Commonwealth benefit from the economic boost.

“Life sciences and climate technology are synonymous with Massachusetts because of the past decade of strong investment,” said Senate President Karen E. Spilka (D-Ashland). “The Senate’s action today ensures that we build on that leadership in the coming decade, amplifying the diverse and thriving economic ecosystem that enables people to stay in our state to build careers and families. I am grateful for Chair Finegold’s leadership on this bill, to Chair Rodrigues, and to each of my Senate colleagues for their input and action to strengthen our economy.”

Tipped Worker Ballot Question Under Scrutiny

The national group pursuing a ballot question that would increase what Massachusetts employers must pay tipped workers faces a new eleventh-hour obstacle that could imperil its fate. A restaurant industry trade group higher-up filed an objection with state elections regulators Wednesday, alleging that an unspecified number of the voter signatures that backers of the tipped minimum wage question collected should not count toward the total needed to qualify. If the State Ballot Law Commission deems about 140 or more of those voter signatures not to count, the measure could suddenly become ineligible to appear before voters in November. Massachusetts Restaurant Association Director of Government Affairs Jessica Muradian, who filed the complaint, said she reviewed signatures filed and found "a lot of discrepancies." "I'd say the largest discrepancy is it looks like many times, there was one person signing for multiple signatures, and I just want to make sure we're doing our due diligence," she said.