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

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The quarterly Duke University/CFO Magazine Globalp Business Outlook Surveyasked 1,3009 CFOs worldwide about theirt expectations for the Their answers paint a gloomyt picture for the rest of the * CFOs in the U.S. and Europw expected employment to shrinkby 5.5 with the unemployment rate in the U.S. seen risingf to perhaps as high as 12 percent in the next 12 Employment in Asia is expected to recedeby 1.
2 “Presumably, government programs will offset some of thesr losses, but even the most optimistic government forecasts would reduc e the losses by only 2 million,” said Campbel Harvey, founding director of the survey and international businesx professor at Duke’s Fuqua Schoo of Business. “We’re facing the possibilit of another 4 millionlost jobs.” * U.S. and European CFOs foresee capital spending plunging by more than 10 In Asia, CFOs anticipate a 3 percent * Six in 10 U.S. companies covered by the surveh reported having trouble finding credit or acquiring crediy at areasonable rate.
Amonvg those firms encounteringcredit impediments, 42 percent say the credit markets have gotten worse this while 23 percent say conditions have * Weak consumer demand and the credit markets ranked as the top two external concerns among U.S. chief financia officers, with the federal government’z policies coming in third. Amony internal concerns, CFOs are losing the most sleep over theirt inability to plan due toeconomi uncertainty, managing their companies’ capital and liquidity, and maintainingg employee morale.
Despite all the negative indicators, a majority of the CFOs in the Uniteed States and Asia reported being more optimistic this quartere than they were the previous That was not the casein Europe, wher only 30 percent of the CFOs said they were more compared to the 31 percent who said they were less “Our survey carries an important message: Don’f put too much weight on the data like consumer confidence. Recovery requires sustainef confidence, and such confidence is forged by strongerreconomic fundamentals,” Harvey said. “The economix fundamentals –- employment, capital spending, the cost of crediy – are still fundamentallu troubling.
” To see the complete survey go to the officialWeb site, .