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.
