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Thursday, Mar 28, 2024

Recession Has Started: CFOs

A survey of chief financial officers found that a majority believe the American economy is in a recession that will last into 2009. Reuters reported that 54 percent of the CFOs said the country is in a recession, and another 24 percent said there is the likelihood of one starting later this year, according to the survey completed March 7 by Duke University/CFO Magazine. The survey included responses from 1,073 CFOs, including 475 based in the United States, Reuters said. Campbell Harvey, a Duke professor and founding director of the survey said that 90 percent of the CFOs do believe the economy will turn the corner in 2008, Reuters reported. “Indeed, many of them believe it will be late 2009 before a recovery takes hold,” Reuters quoted Harvey.

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