Survey: Weak job market to continue as only 18% plan to hire over next six months
“These findings are consistent with what we have been hearing from our manufacturing clients,” said Grant Thornton Manufacturing practice leader Walter Gruenes. “It is clear that the strong productions gains experienced through the first half of 2010 have slowed significantly (only 2% growth in Q3) now that inventory re-stocking is complete and government incentive programs have expired (i.e. cash for clunkers, new homebuyer credit etc.). In addition, the indecision stemming from a weak economy and the unknown impact of governmental tax policy and new healthcare, labor and environmental regulation on business and individuals is causing paralysis as it relates to major business decisions such as expansion, expenditures and hiring. Export growth is the one bright spot for manufacturers â€” growth of 9.5% in 2010 which is expected to reach 10% in 2011.”
Grant Thornton LLP conducted the biannual national survey from Oct. 5 through Oct. 15, 2010, with 516 U.S. CFOs and senior comptrollers participating, of which 99 were manufacturing companies.