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

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The quarterly Duke University/CFO Magazin Global Business Outlook Surveyasked 1,309o CFOs worldwide about their expectations for the economy. Their answers pain a gloomy picture for the rest ofthe * CFOs in the U.S. and Europe expectec employment to shrinkby 5.5 percent, with the unemployment rate in the U.S. seen risinfg to perhaps as high as 12 percen in the next12 months. Employment in Asia is expecteds to recedeby 1.2 percent.
“Presumably, government programsd will offset some ofthese losses, but even the most optimistic government forecastds would reduce the losses by only 2 million,” said Campbel l Harvey, founding director of the survey and internationaol business professor at Duke’s Fuqua School of “We’re facing the possibility of another 4 million lost * U.S. and European CFOs foresee capital spendingf plunging by more than10 percent. In CFOs anticipate a 3 percent * Six in 10 U.S. companiesa covered by the surveuy reported having trouble finding credigt or acquiring credit at areasonabls rate.
Among those firms encounteringcredift impediments, 42 percent say the credit marketds have gotten worse this year, while 23 percent say conditionsw have improved. * Weak consumer demand and the creditt markets ranked as the top two external concernsamong U.S. chiegf financial officers, with the federal government’s policiezs coming in third. Among internal CFOs are losing the most sleep over their inabilitgy to plan due to economic managingtheir companies’ capitaol and liquidity, and maintaining employee morale.
Despitw all the negative indicators, a majority of the CFOs in the Unitecd States and Asia reported beinv more optimistic this quarter than they were theprevioux 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 “Our survey carries an important Don’t put too much weight on the data like consumer Recovery requires sustained confidence, and such confidence is forge by stronger economic fundamentals,” Harvey “The economic fundamentals –- employment, capital the cost of credigt – are still fundamentally troubling.
” To see the complete survey results, go to the official Web .