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U.S. still in a recession that may last until 2010

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We've heard from the U.S. Treasury and the Federal Reserve and they say that our recession is ending. We have a 50% bounce in the stock market and we have loads of statistics pointing to a recovery, Now, however, we hear a different voice, one that is steeped in reality, that takes the pulse of business, that is on the front lines, in the trenches so to speak. Let's listen in:

The U.S. is still in a recession which may last until 2010 according to the Association for Financial Professionals. The poll was carried out on Monday and surveyed 1,000 chief financial officers and treasury executives. Here are their findings:

  • 69% believe that the recession that started in December 2007 will continue well into 2010. 11% believed that the downturn had ended, while 20% saw it winding down before the end of the year.
  • 2/3 of respondents expected to maintain payrolls at their current levels, while 22% saw a further reduction. Only 14% anticipated that their organization would resume hiring.
  • The finance sector is in the worst shape, mainly triggered by the collapse in housing.
  • About 58% expected to either maintain or cut capital spending. Only 21% saw their organizations increase spending.
  • More than 59% said that their access to capital had stabilized, improving from 22%.
  • They remained wary of weak consumer spending and a double dip recession.

Whose voice do you listen to? There are strong opinions on both sides i.e. those who believe that we are moving onward and upward and those who say as this report indicates, that we are still in a recession with no definite end in sight.

Do you agree that we are still in a recession?

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Last updated: November 26, 2009: 12:12 AM

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