Vermont Business Magazine The US business climate remains strong with many companies in growth mode despite recent global economic headwinds – even as the current economic expansion enters its 11th year – according to a new report from Citizens Bank. The index also shows Vermont's economy still growing, if only just.
The first-ever Citizens Business Conditions Index is derived from proprietary corporate and public data about business growth and employment across the country, including factors such as revenue, manufacturing volumes and wages. An index greater than 50 indicates an expansionary trend and points to improved business conditions for the next quarter. The nationwide index sits at a healthy 61.2, down slightly from 61.5 in the first quarter. This indicates that despite the questions inherent in a recovery of this length, US companies remain in a growth mode powered by healthy fundamentals.
The Vermont Q2 2019 Index is 50.6, which still shows expansion. An index greater than 50 indicates an expansionary trend and points to improved business conditions for the next quarter.
The Citizens Business Conditions Index is derived from both proprietary and public information about business growth and employment across the country, using real data about revenue, manufacturing volumes and wages.
“Vermont has a solid economy and a favorable business climate,” said Joe Carelli, president of Citizens Bank, Vermont. “Companies like predictability and the uncertainty in the global economy recently has put some corporate plans on pause. However, most of our companies have long track records of success and are incredibly resilient when markets change. Often times, change brings opportunity and our Vermont-based companies have an ability to handle whatever comes at them.”
“With the current boom now in its 11th year, many business leaders are wondering when the good times are going to end,” said Tony Bedikian, head of Global Markets for Citizens Commercial Banking. “This Index provides a tool to help clients get ready for what’s next.”
Added Bedikian: “There is a growing sense of uncertainty about a range of factors including trade, Fed rates, Brexit, and the 2020 election, just to name a few. Businesses should seize every opportunity to assess the economic landscape and make informed decisions on how to hedge their risks.”
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc is one of the nation’s oldest and largest financial institutions, with $162.7 billion in assets as of June 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com.
Source: PROVIDENCE, R.I. – Citizens Bank 8.26.2019