Central Mass. business confidence rose in February, remains above state average
Photo | Worcester Regional Chamber of Commerce
Business confidence in Central Massachusetts rose 0.6 points from January to February.
Central Massachusetts’ business confidence edged up in February after a slight dip in January and is still almost 1.5 points higher than the statewide average.
Central Massachusetts had a 58.1 rating in February on the Business Confidence Index, which is a 100-point scale where anything over 50 is considered an optimistic reading, according to a Monday press release from the Worcester Regional Chamber of Commerce.
The rating marked a bump from January’s 57.5 score.
Massachusetts’ statewide average in February was 56.7. The statewide confidence has been falling steadily since its 65.6 peak in July, so February marked the first increase in seven months.
Since the regional reading was established in November, Central Massachusetts has been above the state average almost every month.
More than three-quarters of survey responses came before Russia attacked Ukraine in late February, according to the chamber’s press release.
“The primary economic consequence of the crisis in Ukraine will be additional upward pressure on inflation,” Timothy Murray, president and CEO of the Worcester Regional Chamber of Commerce, said in a statement. “Disruptions to the oil markets, uncertainty about grain supplies (Russia and Ukraine together supply a quarter of the world’s wheat), and inevitable increases in military spending will stress economies already struggling to keep up with demand.”
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