Kevin Cole, Assurance Services Partner, Quoted in Hartford Business Journal Article, "Dollar Doldrums Hit CT Export Sales."
Hartford Business Journal
By Matt Pilon
Excerpt:
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.
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