Massachusetts companies expressed slightly more confidence about the state’s business climate in September, but responses are still not trending strongly in either direction.
The Associated Industries of Massachusetts (AIM) Business Confidence Index rose from 48.7 points in August to 51.5 points in September, with a 50 rating on the 100-point scale representing a neutral assessment. In 2013, the index has fluctuated from a high of 52.5 in July to a low of 48.7 in August.
“What we’re really looking at is a seesaw effect with no sustained direction,” said Fred Breimyer, a regional economist with the Federal Deposit Insurance Corporation (FDIC). “There is too much uncertainty and not enough momentum to build confidence in the overall economy.”
Continuing gridlock over federal health reform and the debt ceiling has eroded business confidence nationwide, said Raymond Torto, chair of AIM’s Board of Economic Advisors. But the Federal Reserve’s decisions to continue its bond buyback programs, plus the state legislature’s decision to repeal the software services tax, have provided reasons for optimism, Breimyer said.
Some 27 percent of employers reported growth in the size of their workforce over the past six months, the survey found, while just 22 percent reported a decline.
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