Business Confidence Creeps into Positive Territory
This week the Bay Area Council released its quarterly Business Confidence Survey showing that business confidence has crept into positive territory for the first time since the summer of 2007. The business confidence index – the number that distills the survey findings – registered at 53 out of 100. A reading over 50 signals a positive economic direction and below 50 is negative. The results indicate that we may have finally hit bottom and are looking up. Unfortunately, the new found optimism doesn’t seem to be translating into new jobs. Layoffs still outweigh hires in almost every corner of the Bay Area, the Survey shows. Overall, 23 percent of respondents expect to see their workforce decrease over the next six months, while 18 percent expect an increase and 56 percent expect no change.