Tuesday, September 7, 2010

Business Confidence takes another Tumble

The Patrick-Murray Administration is making its way across the state, cherry picking statistics to make it look like it actually has a record to stand on. What this administration fails to tell you is along with the thousands of Massachusetts residents who are unemployed, facing foreclosure or struggling to put food on the table – the business community is also suffering as well.
In fact, according to Associated Industries of Massachusetts, “Business confidence Index lost eight-tenths of a point in August to 47.7, its second consecutive monthly decline.”

Raymond G. Torto, Global Chief Economist at CB Richard Ellis Group, Inc. and Chair of AIM's Board of Economic Advisors said, “This is the first time we have had back-to-back drops since the recession bottomed out. Weakening business and consumer confidence, along with downward revisions of second quarter growth estimates and of expectations for the third quarter, all point to a loss of momentum in the recovery and Massachusetts employers are clearly concerned about the national economy.”
Families and small businesses are having a tough time staying afloat in Massachusetts let alone having the opportunity to thrive and prosper. Things need to change significantly in this state in order to get the economy moving in the right direction.