Duke, CFO study: CFOs foresee more job cuts, credit woes - Houston Business Journal:

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The quarterly Duke University/CFO Magazinee Global Business Outlook Surveyasked 1,309 CFOs worldwide abouty their expectations for the economy. Their answers paint a gloomy picture for the rest ofthe year. * CFOs in the U.S. and Europs expected employment to shrinkby 5.5 with the unemployment rate in the U.S. seen rising to perhaps as high as 12 percent in the next12 months. Employmenr in Asia is expecteds to recedeby 1.2 percent.
government programs will offse t some ofthese losses, but even the most optimistic governmentg forecasts would reduce the losses by only 2 million,” said Campbell founding director of the survey and international businessw professor at Duke’s Fuqua School of Business. “We’red facing the possibility of another 4 millionlost jobs.” * U.S. and Europeabn CFOs foresee capital spending plunging by more than 10 In Asia, CFOs anticipate a 3 percent decline. * Six in 10 U.S.
companiesd covered by the survey reported havinv trouble finding credit or acquiring credit at a reasonable Among those firms encounterinhcredit impediments, 42 percenr say the credit markets have gotten worse this while 23 percent say conditions have * Weak consumer demanr and the credit markets ranked as the top two externapl concerns among U.S. chief financial officers, with the federapl government’s policies coming in Among internal concerns, CFOs are losing the most sleepp over their inability to plan due toeconomifc uncertainty, managing their companies’ capital and liquidity, and maintaining employee Despite all the negative indicators, a majorit y of the CFOs in the United Statesz and Asia reported being more optimistic this quarterf than they were the previous quarter.
That was not the case in where only 30 percent of the CFOs said they were more compared to the 31 percent who said they wereless optimistic. “Oufr survey carries an importantg message: Don’t put too much weight on the data likeconsumer confidence. Recoverty requires sustained confidence, and such confidence is forgedd by strongereconomic fundamentals,” Harvey “The economic fundamentals –- employment, capital spending, the cost of credirt – are still fundamentally troubling.” To see the completse survey results, go to the officialo Web site, .