• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us

Agency Checklists

Massachusetts Insurance News & Job Opportunities

You are here: Home / State House News / Index: Recession Fears Push Biz Confidence Lower

Index: Recession Fears Push Biz Confidence Lower

January 13, 2023 by AC Editor

Rates in Massachusetts

Index Ended Year 2.7 points Lower Than Its Level of December 2021


Confidence among Massachusetts businesses ended 2022 on a down note, with the chief concern among employers shifting from rising prices to slowing economic growth and the threat of a long-discussed recession.

Associated Industries of Massachusetts reported Monday that its business confidence index shed 4.7 points in December to finish the year at 54 on its 0-100 scale, with readings above 50 considered positive territory.

The index ended the year 2.7 points lower than its level of December 2021, and AIM cited worries that central bank efforts to tame inflation by boosting interest rates will tip the economy into a recession.

“The path to 2 percent inflation will inevitably be painful,” Sara Johnson, AIM Board of Economic Advisors chair, said in a statement. “Most economists forecast a recession in the first half of 2023, led by declines in residential investment, commercial construction, inventory investment, and consumer spending on goods.”

The index draws its readings from a survey of more than 140 Massachusetts employers, and AIM said that many businesses continue to struggle to hire and retain employees. The labor crunch comes as Massachusetts finds itself trying to retain its residents and workers, including people moving to lower cost states.

Economists are expected to weigh in this month at a hearing that lawmakers and the Healey administration are planning in order to get a sense of how much tax revenue state budget writers might responsibly pencil into the annual budget proposals that will be drafted and debated ahead of fiscal 2024, which begins July 1.

In each of the past two budget cycles, state officials have severely underestimated tax collections, leading to huge budget surpluses, supplemental spending bills and historic tax refunds triggered by a tax cap law. Their low-ball forecasts have in effect prevented substantial debate over how to allocate the state’s flood of cash — additional spending vs. tax relief.

Primary Sidebar

MA Division of Insurance Announcements

New Episode

MA Insurance Lawyers

SPONSORED

Career News

In Memoriam: Rocco Basso, 1937-2025

In Memoriam: Rocco Basso, 1937-2025

MountainOne Insurance Promotes Stacy Roman to Vice President, Personal Lines Operations Manager

MountainOne Insurance Promotes Stacy Roman to Vice President, Personal Lines Operations Manager

The Concord Group Appoints Michael P. Nolin, Jr. as President & Chief Executive Officer

Industry Veterans Join Plymouth Rock as Territory Sales Manager for Massachusetts

View More Career News

In Memoriam

In Memoriam: Roy Corso: 1943-2025

In Memoriam: Kevin Hugh Kelley, 1950-2025

In Memoriam: Kevin Hugh Kelley, 1950-2025

In Memoriam: Stephen Lee Brown, 1937-2025

In Memoriam: Stephen Lee Brown, 1937-2025

Company News

SIAA Hosts IA Evolve, a Virtual Innovation Event to Empower Independent Insurance Agents

SIAA Hosts IA Evolve, a Virtual Innovation Event to Empower Independent Insurance Agents

Hiring initiative bringing 100 new Farmers Insurance® jobs to four cities

Travelers Institute Announces Fall 2025 Wednesdays with Woodward® Webinar Schedule

Insurance Library Announces 2025 Members of Hess Benefactor Society

Footer

Agency Checklists

Contact us

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

Explore Our Archives

Copyright © 2025 · Agency Checklists · All rights reserved.

 

Loading Comments...