The last two recessions lasted only eight months," said Duke professor Campbell Harvey, founding director of the survey. "In contrast, 90 percent of the CFOs do not believe the economy will turn the corner in 2008. Indeed, many of them believe it will be late 2009 before a recovery takes hold."
In response, companies are scaling back plans for capital spending and are not planning significant hiring, in part because of high labor costs, according to the survey, which has been conducted for 12 years.
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