CFOs (Survey): Recession to last another year

[sabra]

Source: CNN

NEW YORK (CNNMoney.com) — Nearly two-thirds of top-level executives expect the current recession to last another year, according to a survey released Wednesday.

The grim economic outlook is from a survey of 1,275 chief financial officers from public and private companies, all of whom were interviewed for Duke University’s CFO Magazine Global Business Outlook Survey.

Last year, CFOs accurately predicted the looming recession. “In September 2007, CFO optimism about the future declined sharply, correctly anticipating the current recession,” according to a written statement from John R. Graham, director of the survey and a finance professor at Duke’s Fuqua School of Business. “Throughout the history of our survey, CFOs have shown remarkable ability to predict future economic conditions. Therefore, the record pessimism CFOs are currently expressing is ominous.”


Read more: http://cnnwire.blogs.cnn.com/2008/12/10/cfos-recession-to-last-another-year/

[Juneboarder]

1. Okay, maybe I'm just reading into this too much, but...

wouldn't a year of recession truly be a depression based on the definitions? I always thought a recession was two consecutive quarters of a declining GDP and a depression was four consecutive quarters. If this is the case, how can a recession last for an entire year??

[Odin2005]

2. IIRC a depression is defined as a 10% drop in GDP.

[Juneboarder]

3. Yes, after looking around on the web

I see I was wrong in my assumption. Although, after researching, I also found that from 1929 to 1934, GDP dropped by near 33%!! OMG... can you only imagine our present economy in that state?

[sarcasmo]

6. It's already here in Michigan, has been for at least a year now.

[Phred42]

4. Here's where I get on my soapbox to repeat myself....again

They NEVER provide the REAL numbers in any initial announcement or report....do they.

When they give the Unemployment numbers for example the first time out - it's a low ball. Later - days, weeks, months, they 'revise' the numbers and we find out Oops! they were wrong.... golly, it's actually worse than first reported.

Here we are again......

I guess you can assume that they are either incompetent or lying but that would be too easy even though these things are not mutually exclusive. there is another option - we are being manipulated.

sometimes they ARE out to get you.

:shrug:

[dixiegrrrrl]

5. The same guys that denied we had any financial problems a year sgo

are now qualified to see into the future and date the ..."recession"????????????