Thursday, December 17, 2009

CFOs Plan to Keep Cutting Jobs

The latest Duke University/CFO Magazine study is out, and it's not very encouraging.

1,431 CFOs participated in the survey. It finds that CFOs are more optimistic about their company's long term growth, but they still plan to cut jobs in 2010. They also plan to outsource more jobs. These CFOs don't expect to lift furloughs and pay cuts for at least another year, either.

But the worst news? Two-thirds of these CFOs don't expect their companies to get back to pre-recession hiring levels until 2011 or "later." Holy crap.

What are CFOs worried about?

CFOs’ top economy-wide concerns include weak consumer demand, federal government policies, price pressure and credit markets. Top concerns about their own businesses include maintaining profit margins, difficulty planning due to economic uncertainty, employee morale and liquidity management.

The U.S. Government better keep that checkbook handy, because the line for unemployment benefits could get longer before it gets shorter.

You'll find a complete rundown here.

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