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BOSTON (State House News Service) — Confidence among Massachusetts businesses dipped back into pessimistic territory during September after two months of optimism.
Associated Industries of Massachusetts reported Tuesday that its business confidence index ended September at 49.8, just shy of a neutral reading on the 0-to-100 index. Businesses have held a pessimistic view for three of the last five months, according to the index, and the current reading is 4.1 points lower than one year ago.
The reasons for the 2.6-point drop in September were concerns over slowing orders, increased stress faced by employees, and weakening views of the Massachusetts and U.S. economies, according to AIM.
The current economy is marked by low unemployment rates but also financial markets that declined last month and high interest rates and inflation that weigh on consumers and businesses.
AIM reported that its Central Massachusetts Business Confidence Index, conducted with the Worcester Regional Chamber of Commerce, fell from 50.9 to 46.9. The North Shore index, conducted with the North Shore Chamber of Commerce, slid from 53.9 to 53.5. The Western Massachusetts index, developed with the Springfield Regional Chamber, lost 3.1 points to 52.5. Readings above 50 are considered in optimistic territory.
AIM's Future Index, measuring projections for the economy six months from now, fell to 48.6 in September, down 3.2 points from August.
Written by Michael P. Norton/SHNS
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