After struggles of 2020, Mass. employers optimistic to start new year
Photo | Grant Welker
Downtown Worcester
Confidence levels among Massachusetts employers rose for the fourth straight month and spilled into positive territory for the first time since before the pandemic, according to index results released Tuesday reflecting a survey of more than 140 employers.
Associated Industries of Massachusetts reported a 52.4 reading on its confidence index, with readings above 50 reflecting mostly optimistic views. Employers are encouraged by reports of economic growth and the deployment of COVID-19 vaccines, but AIM says they are also mindful of stark disparities.
"We are really looking at two economies – one dominated by finance, manufacturing and technology that continues to grow and a second made up of travel, tourism and other public-facing industries that are likely to struggle for some time to come," Raymond Torto, chair of the AIM Board of Economic Advisors (BEA), said.
BEA member Edward Pendergast of Dunn Rush & Co. said one of the group's findings reflects a "strong signal about the potential for economic recovery": the outlook for conditions in six months is eight points higher than the assessment of current conditions.
"The hope is that employer confidence in their own company prospects continues to strengthen and drives decisions to increase investment moving forward," Pendergast said.
The state economy grew at a 7.9 percent annual rate in the fourth quarter, double the national pace, according to AIM, but the Massachusetts jobless rate was 7.4 percent in December and pandemic impacts are forcing Congress and President Joe Biden to continue exploring rescue and relief packages.
WBJ Web Partners
Most Recent
Most Recent
0 Comments