In case you missed it, according to the Associated Industries of Massachusetts (AIM), business confidence in the Commonwealth has taken another hit.
According to Raymond Torto, Chair of AIM's Board of Economic Advisors, “Declining business confidence in May and now June continues to reflect direct perceptions of a slowing economy coupled with uncertainties about national and global developments, reminiscent of the drop a year ago.” Torto went on to say that this recent decline is “another setback for an economic recovery that has struggled to gather momentum.”
While we in the Republican Caucus were apprehensively appreciative of the Patrick Administrations past news regarding job growth in the Bay State, this latest report is just another setback for the Commonwealth. No longer are Massachusetts’ lost jobs, revenue, and products being picked up by other states in the country. In this global economy, not only is Massachusetts losing these jobs and revenues to other states, but we are losing them to other countries.
Yet again, unemployment has been cited as the most serious economic problem for the business community in Massachusetts. AIM President Richard Lord said, “It depresses consumer confidence and consumer demand, holding back the robust growth we need to get our whole economy – not just a few sectors – back to full health.”
With Massachusetts businesses now competing in a global economy, we must do everything we can to promote a business friendly environment here at home. If we continue to lose jobs and potential economic growth we will find ourselves standing idly by as a pawn in a global game of chess.