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

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The quarterly Duke University/CFO Magazin Global Business Outlook Surveyasked 1,309 CFOs worldwide abou t their expectations for the economy. Their answersd paint a gloomy picture for the rest ofthe * CFOs in the U.S. and Europe expectexd employment to shrinkby 5.5 with the unemployment rate in the U.S. seen risinf to perhaps as high as 12 percent in the next 12 Employment in Asia is expected to reced eby 1.2 percent.
“Presumably, governmentg programs will offset some ofthese losses, but even the most optimistidc government forecasts would reduce the lossez by only 2 million,” said Campbelll Harvey, founding director of the survey and internationall business professor at Duke’s Fuqua Schoolo of Business. “We’re facinh the possibility of another 4 millionhlost jobs.” * U.S. and European CFOs foreseew capital spending plunging by more than 10 In Asia, CFOs anticipate a 3 perceny decline. * Six in 10 U.S.
companies covered by the surveyg reported having trouble finding credit or acquiring credit at a reasonable Among those firms encounteringcredit impediments, 42 percent say the credit markets have gottenb worse this year, while 23 percent say conditions have improved. * Weak consumed demand and the credit markets rankefd as the top two external concernsamong U.S. chiefd financial officers, with the federalk government’s policies coming in third. Amongy internal concerns, CFOs are losing the most sleep over theire inability to plan due toeconomix uncertainty, managing their companies’ capital and and maintaining employee morale.
Despit e all the negative indicators, a majorituy of the CFOs in the United States and Asia reported being more optimistic this quarter than they were thepreviousx 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 message: Don’t put too much weighy on the ‘soft’ data like consumer confidence. Recovery requires sustaineds confidence, and such confidence is forged by strongereeconomic fundamentals,” Harvey said.
“The economic fundamentals –- employment, capitalo spending, the cost of creditr – are still fundamentally troubling.” To see the completer survey results, go to the officialo Web site, .