This Is No Way to Start the Weekend

Looks like we're facing another rainy weekend in beautiful downtown Illinois. Now on top of that, the following showed up in my mailbox about 10 minutes ago. Sigh! Can I leave work now and go to the corner bar?

71% of manufacturing CFOs say no raises for employees this year
Majority believe U.S. will remain in recession for remainder of 2009
 
CHICAGO, May 15, 2009 – In a survey of manufacturing chief financial officers and senior comptrollers, conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, 71 percent say they will cut costs by not giving out raises this year, 83 percent believe that the U.S. will remain in a recession for the remainder of 2009 and 73 percent are most concerned about the price of employee benefits.
 
In addition, more than three-quarters (77%) of manufacturing CFOs say the U.S. economy will remain the same or get worse in the next six months, and nearly half (47%) expect their company’s headcount to decrease.
 
Where are you cutting costs? (Check all that apply.)
 
Not giving raises this year   71%
Cutting back on recruiting/hiring   70%
Refining processes and streamlining   68%
Reducing headcount   66%
Reducing business travel   59%
Not giving bonuses this year  59%
Reducing 401k match   34%
 
Do you believe the U.S. economy will remain in a recession through the end of 2009?
 
Yes   83%
No    17%
 
About which type(s) of pricing pressure are you most concerned? (Check all that apply.)
 
Employee benefits (e.g., health care, pensions)   73%
Raw materials (e.g., food, metals)   62%
Energy   47%
Insurance   26%
Other   3%
 
Over the next six months, do you expect the U.S. economy to:
 
                                     3/09            9/08
Improve                           23%           22%
Remain the same              44%           48%
Get worse                         34%           30%
 
Over the next six months, do you expect your company’s financial prospects to:
 
                                                3/09      9/08
Improve                                     32%     44%
Remain the same                        38%     41%
Get worse                                    31%    15%
 
Over the next six months, do you expect your headcount to:
 
                                                  3/09     9/08
Increase                                       16%      25%
Remain the same                          38%      52%
Decrease                                      47%      23%
 
* Percentages may not total 100 due to rounding. 

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