Index: Central Mass. business confidence jumps to highest point since August
Photo | Timothy Doyle
Main Street, Worcester
Central Massachusetts businesses were more confident in February than in any month since August, according to The Central Massachusetts Business Confidence Index, a monthly metric compiled by the Associated Industries of Massachusetts in cooperation with the Worcester Regional Chamber of Commerce.
The Central Massachusetts index rose to 54 in February, up from 52.5 in January, while the statewide index rose three-tenths of a percentage point to 53.5 over the same period.
Employer sentiment continues to be driven by a swirl of often contradictory economic signals. Leading indicators suggest that economic growth will decelerate during 2023, yet the state and national economies continue to exhibit a strong labor market, low unemployment, and a persistently high rate of inflation, according to a Monday press release from AIM.
“Consumer spending remains strong nationally and the job market is still historically tight – Massachusetts payroll employment grew at an annual rate of 4.2% in the fourth quarter. At the same time, the fact that confidence among Massachusetts manufacturing companies has fallen into pessimistic territory is a matter of concern,” Katherine Kiel, professor of economics at Worcester’s the College of the Holy Cross, said in the press release.
The indices are based on 100-point scales with 50 being neutral and scores higher than 50 indicating a positive outlook on the economy.
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