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June 08, 2004

Bang the Bell for Bessie: 60% of CEO's Expect to Hire More Workers

*tuk tuk tuk tuk*:

Fewer executives expected economic conditions 12 months in the futures to be better than now, at 59 percent compared with 69.6 percent in the first quarter.

But bear in mind, that's because current economic conditions are sizzling.

For that reason, the overall CEO Confidence Index fell to 111.9 in the second quarter this from 113.9 in the first, although it is up from 100 in the second quarter a year ago.

More than 80 percent expected revenues to increase over the next 12 months and more than 70 percent expected profits to improve -- roughly the same as in the first quarter.

As a result, 59.7 percent expected to hire workers steadily over the course of this year and almost half said higher wages would be the main method of retaining or luring employees.

"Firms planned in the second quarter to hire more employees, increase wages and spend more on investments in new productive capacity," said Richard Curtin, a consultant to TEC International on the survey and head of the University of Michigan's consumer surveys.

As for the Fed beginning to raise its official rate from a 46-year low of 1 percent now to 2 percent by the end of the year, 49.2 percent said there would be no impact on their business, while 41.1 percent said it would have a mild negative impact.

Confidence is a big part of this deal; we need it to sustain and extend the recovery. We also need it to get George W. Bush elected. It's all fine and dandy that he's creating jobs like gangbusters, but if the public doesn't "get" this fact, then it does him no good at the polls.

Rasmussen Reports that consumer confidence has climbed out of its trough to a multimonth high, rising eleven of the past twelve days.

Furthermore:

Thirty-four percent (34%) of Americans now rate the economy as good or excellent. That's up from 31% before Friday's employment report. Since Friday, the number saying that the economy is in poor shape has fallen from 32% to 28%.

That's not much movement, but it is movement in the right direction.

Modest cowbell:


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posted by Ace at 01:57 PM

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