I had problems creating combined 32/64 versions, and eventually they started building two separately (I had to add the cxx -arch i386 flag to the 32-bit assembly) and use lipo to combine them. For instance:
./bjam link=static release install address-model=32
./bjam link=static release install address-model=64
lipo $prefix_dir-x86/lib/libboost_python-2_7.a $prefix_dir-x64/lib/libboost_python-2_7.a -output $prefix_dir-universal/libboost_python-2_7.a -create
Given that I still have 64-bit binaries (when I requested 32-bit), before adding "-arch i386", I suspect there is a problem with the bjam / b2 build script for 32-bit binaries on macos
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