Study: CFOs foresee more job cuts, credit woes - The Business Journal of Milwaukee:

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The quarterly Duke University/CFO Magazine Global Business Outlook Surveyasked 1,309 CFOs worldwide about theird expectations for the economy. Their answer paint a gloomy picture for the rest ofthe year. * CFOs in the U.S. and Europr expected employment to shrinkby 5.5 with the unemployment rate in the U.S. seen risingt to perhaps as high as 12 percent in the next 12 Employment in Asia is expected to recedeby 1.2 percent.
“Presumably, governmenft programs will offset some of these losses, but even the most optimisticc government forecasts would reduce the losses by only 2 said Campbell 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 foreses capital spending plunging by more than10 percent. In CFOs anticipate a 3 percent * Six in 10 U.S. companies coveres by the survey reported having trouble findingb credit or acquiring credit at areasonabls rate.
Among those firms encounteringcreditt impediments, 42 percent say the credit markets have gotten worsr this year, while 23 percent say conditionds have improved. * Weak consumer demand and the creditf markets ranked as the top two externak concernsamong U.S. chief financial officers, with the federao government’s policies coming in third. Amongb internal concerns, CFOs are losing the most sleep over thei r inability to plan due to economic managingtheir companies’ capital and liquidity, and maintainint employee morale.
Despite all the negatived indicators, a majority of the CFOs in the Unitedr States and Asia reported beint more optimistic this quarter than they were thepreviousx quarter. That was not the case in Europe, wherw 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’tt put too much weight on the ‘soft’ data like consumer confidence. Recovery requires sustained confidence, and such confidence is forges by strongereconomic fundamentals,” Harvey said.
“The economic fundamentalxs –- employment, capital the cost of credit – are still fundamentally To see the complete survey go to the officialWeb . On Tuesday, the Robert Half International Financial Hiring Index indicated little change in financial hirin in theMilwaukee area. That survey founcd that 3 percent of metro Milwaukee chief financiao officers expected to add accounting and finance stafr during the third quarter of while 4 percent saw jobs cuts on the The majority ofCFOs -- 93 percent -- saw no change in hiring.