Business confidence remains flat in June

BUSINESS NEWS IN BRIEF

BOSTON

Business confidence remained flat during June amid a resilient economy, stubborn inflation, a pause by the Federal Reserve and a shortage of workers across almost every industry.

The Associated Industries of Massachusetts Business Confidence Index gained 0.1 point to 49.7, just below the 50 mark that separates optimistic from pessimistic outlooks. Confidence ended the month 1.1 points lower than a year earlier.

The mixed reading reflects an economy that continues to defy expectations in the face of 10 interest rate increases by the Federal Reserve. The Fed paused rate increases last month as inflation moderated to 4 percent, but more hikes are likely since the Fed's target inflation rate is 2 percent.

Though many national economists believe a recession remains probable, the Massachusetts job market remains strong with the unemployment rate dropping to 2.8 percent in May.

The Central Massachusetts Business Confidence Index, conducted with the Worcester Regional Chamber of Commerce, fell from 50.4 to 46.3. The North Shore Confidence Index, conducted with the North Shore Chamber of Commerce, increased from 50.5 to 55.0. The Western Massachusetts Business Confidence Index, developed in collaboration with the Springfield Regional Chamber of Commerce, was unchanged at 45.7.

STOCKBRIDGE

Latinas413 receives $24,000 grant

Latinas413 has received a $24,800 grant from the Women's Fund of Western Massachusetts for general operating support through 2025.

A fiscally sponsored project of Nonprofit Center of the Berk-shires, Latinas413 will use the funds to expand its core mentorship program that connects Latinas to local resources, financial education, career opportunities, arts and culture, and outdoor recreation.

The Women's Fund of Western Massachusetts recently awarded $208,900 in grants to 21 organizations that serve women and girls in the four counties of Western Massachusetts.

Latinas413 will honor the awardees of its 2023 Mentorship Program at 6 p.m. July 21 in the Wolfson Lobby of the Barrington Stage Company's Building at 122 North St. in Pittsfield.

WESTWOOD

Local, state gas prices still remain flat

State and local gas prices remained flat for another week.

The average price in the Berk-shires was $3.53 per gallon this week, while the average state price was $3.55, according to AAA Northeast.

The Berkshire price is 3 cents higher than a month ago, but $1.16 less than at this time last year. The state price is 2 cents higher and than a month ago, and $1.20 lower than in 2022.

The state price is 1 cent higher than the national price, which gained 1 cent this week to $3.54. The national price is 4 cents lower than a month ago, and $1.14 less than last years.

According to the Energy Information Administration, this year's July 4 gasoline demand was at the highest level since October 2021 and slightly above than the same week last year. The expectation of a cooling economy and higher interest rates in the coming months, however, could weaken demand through the rest of the summer driving season.

"The strong demand we saw over the Fourth of July hasn't fully continued, and may have peaked for the season," said AAA Northeast spokeswoman Mary Maguire.

- Staff reports