State business confidence strengthens in July
BOSTON -- The Associated Industries of Massachusetts Business Confidence Index showed further strength in July, adding 2.5 points to 56.2.
"Business confidence in Massachusetts, after sliding into the neutral range for more than a year, has climbed back to within a point of its post-recession high of 57.1 in April 2012," said Raymond G. Torto, Chair of AIM’s Board of Economic Advisors (BEA) and Lecturer, Harvard Graduate School of Design. The Index was up 3.7 points compared to July 2013.
Torto noted that last year, uncertainty arising from political deadlock in Washington and the threat of financial crisis in Europe, plus fiscal drag from tax increases and unsteady economic growth in the U.S. and globally, held down confidence.
"However, this year, we have seen rising business confidence and, not coincidentally, more robust job creation," he went on. "The biggest year-to-year gainers among our sub-indices are those tracking general business conditions in the state and nation, which appears to reflect a growing sense among employers that they are operating in something like a ‘normal’ economy."
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