Index: Central Mass. business confidence falls into pessimistic territory
Chart | Courtesy of the Associated Industries of Massachusetts
The Massachusetts Business Confidence Index had been steadily in optimistic territory for much of the last 10 years, until the coronavirus pandemic hit.
Amid uncertainty about a future recession, a pause in interest rate hikes, and a continuing tight labor market, Central Massachusetts business leaders turned pessimistic in June, according to an index published by the trade group Associated Industries of Massachusetts.
The Central Massachusetts Business Confidence Index fell sharply in June to 46.3, down from 50.3 in May. The index is a joint indicator produced by the Associated Industries of Massachusetts and the Worcester Regional Chamber of Commerce and is a subset of the statewide index published by AIM.
In May, the index indicated that Central Mass. businesses were cautiously optimistic. A score above 50 on the 100-point scale indicates optimism. That same month, statewide business leaders indicated a slide towards pessimism.
In June, the statewide score remained flat, rising one-tenth of a point to 49.7.
“As 2023 reached its midpoint, we experienced a tech-fueled stock market rally instead of the recession many economists believe is inevitable. Employers tell us that even though they worry about rising prices, they also remain desperate to find workers in a tight labor market,” Sara Johnson, chair of the AIM Board of Economic Advisors, said in a Monday press release from AIM.
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