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August 7, 2023

Index: Central Mass. employers’ mood on the economy improved in July amid positive national, state indicators

Photo | Brad Kane Businesses along the 912-932 Main St. block include small owner-operator locations.

The Central Massachusetts Business Confidence Index moved back into optimistic territory after a month of pessimism.

The index, a product of a collaboration between Associated Industries of Massachusetts and the Worcester Regional Chamber of Commerce, evaluates local businesses' outlooks on the economy. It jumped from pessimistic territory with a score 46.3 in June to more optimistic territory with a score of 52.2 in July. The index is calculated on a 100-point scale, with a rating over 50 signaling optimism.

The statewide index, conducted by AIM, rose 2.8 points to 52.5 in July, according to a Monday press release from the organization. 

The U.S. economy grew by 2.4% at an annual rate in the second quarter, while the state saw 4% growth. Inflation fell to a two-year low of 2.97% in June according to the press release.

“A strong job market, vibrant consumer spending and resurgent business investment continue to move the economy in a positive direction,” Sara Johnson, AIM chair of the Board of Economic Advisors,  said in the press release. “The job market remains particularly strong, giving Americans money to spend: personal income, after taxes and adjusted for inflation, rose at a 2.5 percent rate in the second quarter.”

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