Mass. Business Confidence Up Again, But Down For 2011
Confidence among business leaders in Massachusetts rose for the second straight month in December, but fell overall in 2011 compared to 2010, according to the Associated Industries of Massachusetts (AIM).
AIM's Business Confidence Index came out at 51 for December, a jump of less than a point over November. At the end of 2010, the index sat at 52.4. It's measured based on a 100-point scale with 50 being a neutral score and 100 being the highest.
Disappointing economic growth and financial and political turmoil all contributed to the drop, according to Fred Breimyer, regional economist for the Federal Deposit Insurance Corporation.
While the index's average monthly reading in 2011 of 51.1 was higher than that of 2010 (49.4), the index lost steam as the year went on before rebounding in November.
"We are not building momentum; on a quarterly basis the Index declined through 2011, from an average 53.5 in the first quarter to 52.6, 49.4, and 49.2 in the fourth quarter. We have a long way to go in this recovery," Breimyer said.
On a month-to-month basis, the future index rose 1.7 points to 53 while the employment index rose 2.2 points to 53.9.
Business owners are more confident about conditions in Massachusetts compared to the nation's, with the Bay State garnering a score of 48 and the U.S. index trailing at 39.3 points. Year-over-year, the U.S. index has dropped 3.7 points.
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