Finance Pros Predict Little Hiring in 2010
Reacting to the survey's sentiment on hiring, AFP President and CEO Jim Kaitz said his group would "work with policymakers to ensure that legislative initiatives have a positive impact on potential job growth."
With their dim expectations for job growth in 2010, financial executives aren't very optimistic that U.S. economic growth will return quickly either. More than half don't see economic growth beginning until the second half of 2010, and nearly a quarter say there won't be growth until 2011 at the earliest. If they are right, the better-than-expected turnaround that some have reported recently, becomes harder to imagine.
The AFP survey also shows that financial professionals believe that if the tight credit market doesn't improve, more cutbacks, including slashing workforces, can be expected. Nearly 70% said they would consider reducing capital spending, 62% would freeze or reduce hiring, 33% would close locations, and 25% would reduce inventory. Only a quarter of those surveyed expect their company's access to credit to improve next year.