Uncertainty weakens business confidence
Courtesy AIM
Weak job growth nationally and the uncertainty that followed Great Britain's vote to leave the European Union contributed to a drop in employer confidence last month, according to a monthly employer survey.
The Associated Industries of Massachusetts business confidence index dipped 1.6 points to 56.1 in June, the business group said, putting business confidence levels about two-tenths of a percentage point lower than their mark from one year ago.
"Massachusetts employers are trying to balance a range of economic and political distractions that pull them in different directions month to month," Raymond Torto, chair of AIM's Board of Economic Advisors, said in a statement. "The good news is that employers remain highly confident in the Massachusetts economy and in the prospects for their own companies."
Locally, confidence in business conditions in Massachusetts dropped 0.8 points to 58.5 on the index, AIM said, up 1.6 points from its mark last June. The AIM index has been issued monthly since July 1991. It is presented on a 100-point scale, with a score of 50 being neutral. The all-time high of 68.5 was recorded in both 1997 and 1998, the group said, and its low was 33.3 in February 2009.
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