Boston Globe's Shirley Leung on the Massachusetts Economy

-- text question of the day it is you know what's the worst loss ever. Yeah. Because you never once had 10 yeah you wanna you wanna go first. -- probably. My internship mom I'm very first radio station I was put the background was really hot -- -- answer that you know take like a 150. Caller we have. And back then you know you had to go through every line. And I remember after a couple of hours sweltering heat I had to go to the restroom and I needed a Coke and Coke machine. This woman -- let me tell you need to fill all ten of those sheets with requests. And until you finished sheets that he can go to the battle we'll get a -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- What about you. -- I've had a lot of bosses. It where they were just incompetent you know like they just didn't know their job. And unity to roll into town and they ask you questions about your business and -- running a branch and -- in the like they didn't know their job. And that I found really is -- I think that's one of the most discouraging things he can have if you're if you're running if you're doing a job. In and you have somebody who's incompetent supervising on that's. Let's aggravating because you know if you know more than they know you know more about how it runs and they know it. That that's annoying and -- exit -- -- Are we doing a a quick shift -- edit we're gonna surely Leung from the Boston Globe. Surely welcome to the show are you doing this morning. And was reading a report of course in the Boston Globe which I read every day surely do it. -- You would you not only read that you pay for it. I do have a -- of one of those unfortunate people left to pay for Boston for it and there's a problem with the website -- do so you'd you know we throw. Larry you're darn right it has great let's talk about job creation in Massachusetts. In the year 2011. I noted that if it sounds like it was 40000 jobs created last year in mass but it was a big revision. From previous week calculating numbers why the big revision. Well you know when the Labor Department puts out an estimate they they put out estimates on how many jobs were created a -- there's always a lag period and usually there. Relatively close that this happened last year at this time we knew that the numbers pretty far off on. And I think which for the third quarter and now the fourth quarter and a lot of local economist with -- question. The Labor Department numbers I think last I think he's said that on. Regionally. We year I definitely created -- 101000 dropped. 2011 but the numbers really nearly 40000 jobs we actually -- actual numbers for the fourth quarter and the third quarter now. To able to say we actually created nearly 40000 jobs last year. So we're doing pretty well -- a gimmick going you compare I know we're not doing as well as say North Dakota or New Hampshire but. In terms of our rate of job growth it's better than the national average is not. It's okay it's not great -- you know one. You know a couple of economists I'm downplaying -- is the kind of in the middle compact you know. Yeah it would do what are your expectations -- here for 2012 liquidate. -- these economists telling you for projections for this year 2012. I -- heard a lot of protection but it it's modest you know I mean everyone's been saying there is very modest man hadn't seen specific numbers stick. You know we create Norton nearly 40000 jobs last year now with. You know considered a good year for -- I think this year will be hard pressed to duplicate back. You know just because there's a lot of uncertainty of what's going on your. And also there's a lot of uncertainty and with the US fiscal policy. And with you know whether or not we have to have across the -- budget cuts whether or not. Bush tax cuts will expire at the end of the year yourself much uncertainty -- -- -- that employers are. Not doing as much permanent hiring they're getting more temporary hiring. We more susceptible because a lot of the cuts the budget cuts are gonna be in the area of military spending and we have a lot of that type of we don't a lot of those jobs are appeared masters. We have a lot of Latin descent didn't know we have I have to live it depends but it also can we get allotment from the NIH are university here. So. There's so there's a lot of be a lot to be concerned about. -- Bianchi eat in your article you reflect that the the good massachusetts' economy is also more vulnerable. To a European recession why is that went wire we. Say more vulnerable if if Europe goes into a recession which it's widely expected -- it's not yet but it's widely expect. Many parts of Europe are legal action so. You know it's -- me. I've lost track but I remember you know at least seven countries and probably more by now aren't recessions generally -- And I think at least you know he you know Spain has unemployment rate of 25%. To me. It's it's pretty bad at certain parts of it there as we have a lot of legal and our companies we do a lot of business with Europe and 40% -- State exports -- York. And a lot of companies have. Alfred in recent years have grown overseas particularly in your apparently -- you're currently closed and you know it's it's been -- it's been a growth area for many of our. Companies in particular tech companies. So what's the unemployment rate -- now about this six point two. 6% on last reportedly made 6%. I think we'll know new numbers -- numbers next week the national unemployment rate eight point 2% still. Were doing better than the nation but it's not something that. Jumping up and down about I mean still we're -- very. I during the period and I'm Derek they're it's scary you know that the best forecasts are for a very very slow growth. You know not that nothing really to look forward to this. You know right in terms of the horizon actually is a lot of negative things to look forward. That have to be decided on if if I can see where it's going to be tough year and a half percent. Yeah all right Shirley thanks for joining us. No problem -- Shirley -- she is the business editor at the Boston Globe joining us today on the financial exchange.