Business confidence increases

Business confidence in the state of the economy has reportedly improved during the July to September quarter of the year amid the challenges posed by the global financial crisis.



The latest survey of business confidence has found that during the quarter, businesspersons were more positive about the financial outlook for their firms as well as the overall economy.



Additionally the survey revealed an emerging sense among Jamaican businesses that the economy had begun to improve aided by the stabilization of the US economy.



At the same time, higher unemployment and lower incomes as well as government and policies of the International Monetary Fund were viewed by businesspersons as drags on the potential future economic growth of the country.



Meanwhile the survey also found that consumer confidence remained unchanged as consumers continued to report dismal job and income prospects.



Consumers attributed continued weaknesses in tourism as well as remittances to the worldwide economic recession.



Professor Richard Curtin, Head of the Survey Research Centre at the University of Michigan says the surveys findings show that most persons believe the economy has passed the worst stages of the recession: