Associated Industries of Massachusetts’ Business Confidence Index over the last 12 months.
Associated Industries of Massachusetts’ Business Confidence Index over the last 12 months.
BOSTON — Confidence among Massachusetts employers strengthened for a second consecutive month during August as the pressing need to hire employees outweighed growing concerns about inflation and recession.
The Associated Industries of Massachusetts Business Confidence Index increased 2.5 points to 55.3 after posting a 2-point gain in July. The Index remains 6.7 points lower than a year ago but comfortably within optimistic territory. The BCI is based on a 100-point scale. Any reading above 50 is considered positive.
Most survey responses came before Federal Reserve Chair Jerome Powell sent financial markets reeling by reaffirming the Fed’s commitment to moderating inflation during a speech on Aug. 26.
The Massachusetts Index assessing business conditions within the commonwealth gained 2.1 points to 54.1, down 10.2 points from a year earlier. The U.S. Index measuring conditions throughout the country surged 4.9 points to 46.8 but remained in pessimistic territory.
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