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Massachusetts Economic Conditions Yolanda K. Kodrzycki Assistant Vice President and Economist

Massachusetts Economic Conditions Yolanda K. Kodrzycki Assistant Vice President and Economist Federal Reserve Bank of Boston. Presented to The Massachusetts Joint House and Senate Ways and Means Committee Revenue Hearing Massachusetts State House Boston, MA December 6, 2004. Page 1.

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Massachusetts Economic Conditions Yolanda K. Kodrzycki Assistant Vice President and Economist

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  1. Massachusetts Economic Conditions Yolanda K. Kodrzycki Assistant Vice President and Economist Federal Reserve Bank of Boston Presented to The Massachusetts Joint House and Senate Ways and Means Committee Revenue Hearing Massachusetts State House Boston, MA December 6, 2004

  2. Page 1 State Economic Activity Indexes Index, each state’s pre-recession employment peak = 1 RI NH VT ME CT MA Note: The economic activity indexes include four indicators: nonfarm employment, the unemployment rate, average weekly hours worked in manufacturing, and wage and salary disbursements. The trend for each state’s index is set to match the trend for gross state product (available annually). Shaded area represents 10 and 90 percentile boundaries for U.S. states in each month. Source: Federal Reserve Bank of Philadelphia.

  3. Massachusetts Thousands of Jobs Page 2 Monthly Employment Change United States Thousands of Jobs New England Thousands of Jobs Source: U.S. Bureau of Labor Statistics.

  4. Page 5 Initial Claims for Unemployment Insurance (Index 1995 = 1) United States Massachusetts Average Weekly Initial Claims Source: United States: The Conference Board. New England and Massachusetts: U.S. Department of Labor and Federal Reserve Bank of Boston.

  5. Page 6 Office Vacancy Rates Suburban Downtown United States United States Boston Boston Note: Shaded areas indicate 10 and 90 percentile boundaries for 60 selected metropolitan areas. Source: CB Richard Ellis. Class A Office Rents Suburban Downtown Boston Boston United States United States Note: Shaded areas represent 10 and 90 percentile boundaries for 60 metropolitan areas. Source: National Real Estate Index - Market History Data.

  6. Page 7 Personal Income Percent Change from a Year Earlier United States Massachusetts Total Wage and Salary Disbursements Percent Change from a Year Earlier United States Massachusetts Note: Shaded area represents the range of values among the eight BEA divisions in each quarter. Source: U.S. Bureau of Economic Analysis.

  7. Oct 2003 Oct 2004 Page 8 Consumer Confidence 1985 U.S. Average = 100 Heeeeeee New England Massachusetts United States Index (1985 U.S. Average = 100) Oct 2003 Oct 2004 US MA US MA US MA Present Situation Consumer Confidence Future Expectations Source: The Conference Board and Mass Insight.

  8. Page 9 Bloomberg Massachusetts Stock Price Index Index, December 30, 1994 = 100 Source: Bloomberg.

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