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The Gathering Gloom
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Business New Haven
11/27/2000
By: BNH
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HARTFORD - The people who do most of the spending in Connecticut's private sector are less optimistic about next year's economy than they were about this year's when asked 12 months ago.
A survey of purchasing managers by the Connecticut Business & Industry Association (CBIA) reveals that 22.9 percent of respondents say that the outlook for 2001 will be better than it is now, compared to 36.4 percent in January of this year. And the number who expect the economy to worsen grew from 7.6 percent to 32.6 percent over the same period.
“Each time in 2000 that we asked purchasing managers about the outlook for the economy for the next year, the results have inched downward,” says CBIA economist Peter M. Gioia. He says factors such as rising interest rates, a larger backlog of orders and higher market lead times for production materials are contributors to the decline in optimism.
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