Local businesses are more apprehensive about the state of the economy than they were at the beginning of the year. A survey conducted by the Economic Development Council of the Bloomington-Normal area found that business leaders are less positive despite overwhelming optimism in January. Ken Springer, the Director of Research & Client Services, says respondents weren't entirely negative about hiring and local costs as of April, but that didn't apply to every topic.
"Businesses were slightly pessimistic in January about the cost of doing business in the Twin Cities looking forward 12 months," he says. "That pessimism increased slightly in April."
Springer says this contributes to their overall outlook on the economy.
"Overall, what do you see the local economy doing in the next 12 months?" he says. "Businesses responded overwhelmingly in January--this was the highest rated question we asked them--they were very positive in the direction of the local economy in January. Still very positive in April, but not quite as positive as they were back in January."
The EDC survey instructed business leaders to rank questions on a scale of 1-10, ten being the most positive and one the most negative. Despite the decrease in optimism, Springer says businesses had an even more positive outlook on consumer spending than they did in January.
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