An index tracking confidence of Central Massachusetts business leaders dropped 1.9 points in March after a 1.5-point jump in February, while statewide the number also fell in March according to The Central Massachusetts Business Confidence Index, a monthly metric compiled by the Associated Industries of Massachusetts and the Worcester Regional Chamber of Commerce.
The Central Massachusetts index fell to 52.1, which still indicates guarded optimism by the business leaders surveyed. The indices are based on a 100-point scale with 50 being neutral and scores higher than 50 indicating a positive outlook on the economy.
Statewide the index dropped 2.0 points to 51.5, which is 5.7 points lower than March 2022.
“Employer sentiment continues to be driven by mixed economic signals. While the outlook for U.S. real economic growth has improved over the past three months on some stronger-than-expected early 2023 data, including strong demand for labor, most economists still expect growth to decelerate as the Federal Reserve continues to raise interest rates to moderate inflation,” said a Monday press release from AIM.
