May 11, 2015
Kevin Cole, Assurance Services Partner, Quoted in Hartford Business Journal Article, "Dollar Doldrums Hit CT Export Sales."
By Matt Pilon
The recent rise in the value of the U.S. dollar is a nice thing for those who travel abroad, but Connecticut exporters have been taking it on the chin.
Major manufacturers like United Technologies, Stanley Black & Decker, Barnes Group and Amphenol said weaker foreign currencies dragged down their collective sales by more than half a billion dollars in the first quarter.
Small shops too say the strong U.S. dollar is costing them business overseas.
"I think it is a problem," said Kevin Cole, a partner in the New Haven office of accounting, consulting firm Marcum, who works with private and public exporters.
Cole said a weaker dollar following the Great Recession helped many companies survive the slow growing U.S. economy; now firms are experiencing the flip side of the coin.