BOSTON (CBS) – The Massachusetts Consumer Confidence Index fell to the lowest level since early 2009 for the quarter ended in July, according to a report by Boston research firm Mass Insight Corp.
The firm described the drop, an 11-point decline from 67 to 56, as “alarming.”
Lisa van der Pool of the Boston Business Journal reports
It was the steepest negative movement since the 19-point drop between the second and third quarters of 2010, Mass Insight said.
The drop factored in both the assessment of current conditions and future expectations, the firm said.
“With talk of a possible double-dip recession and uncertainty about what the federal government is going to do next, consumers aren’t spending and businesses aren’t creating jobs,” said Mass Insight President William H. Guenther in a statement announcing the findings.
Mass Insight said Massachusetts consumer confidence is now 4 points lower than national consumer confidence — the first time since April 2008 that the Bay State has dropped below the U.S. as a whole in consumer confidence.