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Mass. group says employer confidence sliding

November 1, 2011

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BOSTON—A business group says Massachusetts employers appear to be losing the optimism they once had about future economic growth.

Associated Industries of Massachusetts said Tuesday that its monthly Business Confidence slipped two points in October to stand at 46.4. The index has declined in five of the last six months and has fallen nearly ten points since April.

The index works on a scale of 100, with any reading below 50 indicating that employers are more pessimistic than optimistic about the direction of the economy.

Economist Raymond Torto says an erosion of confidence in the political system has exacerbated concerns about weak consumer spending and the soft housing market. He says employers are increasingly doubtful of Washington's ability to deal with the nation's economic problems.