June 1, 2010
Confidence In Economy Grows In May
By Matthew L. Brown
Business confidence "surged" by four points in May, according to the Associated Industries of Massachusetts.
The increase to AIM's Business Confidence Index was its largest in six years. It ended the month at 51.5, above the neutral 50 mark, and 12.5 points ahead of May of last year.
AIM said many employers were more positive about their own companies during the May survey, but less confident about the economy as a whole.
An economic recovery is underway, but it is "very much a work in progress," AIM said. Only 7 percent of employers surveyed classified national business conditions as "good."
The index hit its all-time high of 68.5 in 1997 and 1998, and hit an all-time low of 33.3 in February 2009.
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