Don Anderson, head of Market Research Services Limited
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Don Anderson, head of Market Research Services Limited
There is a decline in business and consumer confidence amid concerns about business conditions and job prospects.
Business confidence fell by nearly five per cent to 133.0 points, while consumer confidence declined by 2.9 per cent to 169.5 points.
During the release of the indices by the Jamaica Chamber of Commerce on Tuesday morning, head of Market Research Services Limited, Don Anderson, explained that most businesses are also not expecting an increase in profits.
"So businesses are saying, well, the second quarter is not as good as first quarter, and changing profitability is down from 161 first quarter to 155 in the second quarter. So businesses, like the consumers, are not as confident about the where they are now, as they were in the first quarter of 2024."
Meanwhile, Mr. Anderson explained that the index of job expectations for consumers went down by six per cent for the second quarter when compared with the first quarter of this year.
"They've always been conscious about the fact that jobs are not readily available and that's why that index is so low, 33. It fell to 27 in the second quarter of 2024," he outlined.
When asked what they thought about business conditions and job prospects, only 28 per cent of the over 600 people interviewed said they expect the job situation to get better.
"If you flip it then 72 per cent didn't [expect it to get better]. So 28 per cent only expect the job situation to get better. Forty-seven per cent expect no change or that it will become worse," Mr. Anderson noted.
He added that the number of consumers expecting business conditions to get better fell from 36.4 in the first quarter to 29.5 in the second quarter while those who are of the perspective that things will worsen, moved from 13.8 per cent to 14.4 per cent.
However, there was an increase in the number of consumers who believe things will remain, moving from 49.8 to 56.
Mr. Anderson canvassed 600 people across Jamaica and over 100 businesses across various industries on behalf of the Jamaica Chamber of Commerce.
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