CEOs Voice Strong Optimism for Current and Expected Economic Growth.To download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. high-resolution high-res·o·lu·tion adj. 1. Relating to an image that has fine detail. 2. a. Of or relating to an output device that produces images that contain a large number of dots per unit of area and are therefore sharp and , print-ready JPEG JPEG in full Joint Photographic Experts Group Standard computer file format for storing graphic images in a compressed form for general use. JPEG images are compressed using a mathematical algorithm. images, click on the thumbnail A miniature representation of a page or image that is used to identify a file by its contents. Clicking the thumbnail opens the file. Thumbnails are an option in file managers, such as Windows Explorer, and they are found in photo editing and graphics program to quickly browse multiple image above. WARNING: these images are very large (800K+) Click here for caption Business Editors MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4530756 SAN DIEGO--(BUSINESS WIRE)--Dec. 9, 2003 Nation's Business Leaders Demonstrate Continued Support for Bush, Greenspan Green·span , Alan Born 1926. American economist who was appointed chairman of the board of governors of the Federal Reserve System in 1987. as the War in Iraq Iraq or Irak (both: ēräk`, ĭrăk`), officially Republic of Iraq, republic (2005 est. pop. 26,075,000), 167,924 sq mi (434,924 sq km), SW Asia. Becomes More Critical for Upcoming Presidential Election TEC International (http://info.teconline.com), the world's largest organization of CEOs, today released Q4 results of the TEC Confidence Index, a quarterly survey of its U.S. chief executive members on current economic trends and issues affecting today's business Today's Business is a show on CNBC that aired in the early morning, 5 to 7AM ET timeslot, hosted by Liz Claman and Bob Sellers, and it was replaced by Wake Up Call on Feb 4, 2002. climate. The vast majority of surveyed CEOs predicted that the coming year will bring better overall economic conditions. In addition to their optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op business outlook, CEOs showed support for President Bush's leadership of the economy and the war in Iraq. The Q4 survey also addressed the mutual fund trading scandals, holiday bonuses, and philanthropy philanthropy, the spirit of active goodwill toward others as demonstrated in efforts to promote their welfare. The term is often used interchangeably with charity. . The results of the Q4 survey, which polled nearly 1,000 CEOs nationwide Nov. 19-26, underscored the positive trend in CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. confidence over the past three quarters. Since Q2 2003, the TEC Confidence Index has posted consecutive gains, illustrating optimism Optimism See also Hope. Bontemps, Roger personification of cheery contentment. [Fr. Lit.: “Roger Bontemps” in Walsh Modern, 66] Candide beset by inconceivable misfortunes, hero indifferently shrugs them off. [Fr. for the nation's economic outlook. Overall, the level of confidence jumped by 6.3 percent in Q4 and by a total of 15.6 percent during the past six months. Most notably, the survey's largest gain came in current economic conditions. Up from 51 percent in Q3, 70 percent of CEOs believe that economic conditions have improved over the last year. More than twice as many firms reported improved economic conditions in Q4, compared with six months ago. Looking to 2004, 80 percent predict that economic conditions will improve over the next 12 months. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dr. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Curtin Curtin may refer to several people:
SURGE - Sorter, Updater, Report Generator, Etc. IBM 704, 1959. Sammet 1969, p.8. caused firms to hold even more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. expectations for economic growth during 2004." On the heels of the U.S. Department of Labor report that productivity grew at its fastest rate since 1983, the Q4 TEC Confidence Index results reinforce re·in·force v. 1. To give more force or effectiveness to something; strengthen. 2. To reward an individual, especially an experimental subject, with a reinforcer subsequent to a desired response or performance. 3. that businesses are planning to expand in 2004. Three-quarters Noun 1. three-quarters - three of four equal parts; "three-fourths of a pound" three-fourths common fraction, simple fraction - the quotient of two integers three-quarters npl → of all firms expect their profitability to improve during the next twelve months in the Q4 survey, up from two-thirds six months ago. This profitability gain is due in large part to CEOs' anticipated increase in revenue, evidenced by 80 percent of those surveyed in Q4. Expecting their firms' sales revenues to increase, 61 percent of surveyed CEOs plan to hire employees over the next 12 months. Evaluating the White House administration's performance, two-thirds of surveyed CEOs rated President Bush's handling of the economy as "pretty good" or "excellent." Likewise, 93 percent gave Alan Greenspan Alan Greenspan Dr. Greenspan is Chairman of the Board of Governors of the Federal Reserve System. Dr. Greenspan also serves as Chairman of the Federal Open Market Committee (FOMC), the Fed's principal monetary policymaking body. and the Federal Reserve the same favorable rating. Although the economy remains the single most critical issue for the upcoming presidential election, the war in Iraq has sizably increased in significance since Q3. In the current survey, 56 percent of surveyed CEOs named the economy as the most critical election issue, down from 76 percent in Q3. This shift is marked by an increase in CEOs (37 percent in Q4) who identified the "war in Iraq/terrorism" as the most critical issue. With regard to Iraq, more than two-thirds of CEOs favor the current postwar post·war adj. Belonging to the period after a war: postwar resettlement; a postwar house. postwar Adjective occurring or existing after a war Adj. 1. policy. Nearly forty-five percent of CEOs rate President Bush's handling of the situation with Iraq since he declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. an end to major fighting as "pretty good." Nearly 80 percent support the current number or favor sending more American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of troops to Iraq. One-third of surveyed CEOs believe that terrorism terrorism, the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicize grievances. poses the biggest threat to the economy over the next 12 months. Weak consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and weak business investment were also identified as major economic threats in the coming year. Interestingly, in the wake of the recent mutual fund trading scandals, nearly one-third of CEOs feel that they will never entirely trust their mutual fund. Conversely con·verse 1 intr.v. con·versed, con·vers·ing, con·vers·es 1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak. 2. , 60 percent feel the scandals have no effect on their investments. As the holiday season quickly approaches, 70 percent of surveyed CEOs plan to give employees holiday bonuses. The vast majority of firms (80 percent) give back to the community. Sixty percent of those firms say the most significant way they give is through monetary donations. The remaining firms donate their company's products/services or their time. The TEC Confidence Index is designed to measure the change in CEOs' confidence over time. The survey methodology is based on the first six component questions, which are scored as the percent giving favorable replies minus the percent unfavorable plus 100. The TEC Confidence Index is the sum of the components calculated as a percentage of the level recorded in the Q2 2003 survey.
TEC Confidence Index Component Questions
Q2 2003 Q3 2003 Q4 2003
Index Score: 100.0 108.7 115.6
Current Economic Conditions 103 138 167
Expected Economic Conditions 162 166 179
Expected Change in Employment 141 149 157
Planned Fixed Investment 132 143 145
Planned Revenue Growth 168 177 179
Expected Profit Growth 155 163 168
See below for complete Q4 survey results
ABOUT THE TEC CONFIDENCE INDEX U.S. businesses with annual sales between $1 million and $1 billion represent the most vital component of the nation's economy. This small to mid-size business sector creates 75 percent of all new jobs and generates 80 percent of revenue. The opinions of these business leaders provide a clear snapshot (1) A saved copy of memory including the contents of all memory bytes, hardware registers and status indicators. It is periodically taken in order to restore the system in the event of failure. (2) A saved copy of a file before it is updated. of current economic, market, and industry trends as well as demonstrating their plans for growth over the next 12 months. These insights provide a leading indicator Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. for employment, capital expenditure, sales, and revenue trends. The TEC Confidence Index is a compilation Compiling a program. See compiler. of responses from nearly 1,000 CEOs of small to mid-size companies, and is the only comprehensive report of their opinions and projections. The TEC Confidence Index is conducted quarterly by TEC International, the world's largest organization of CEOs of small to mid-sized businesses. ABOUT TEC INTERNATIONAL Founded in 1957, TEC International (www.teconline.com) is the global leader in CEO development. With a membership of more than 9,000 members in 15 countries worldwide, TEC is a comprehensive representation of U.S. small and mid-sized business -- a population that comprises more than 80 percent of the nation's annual revenue.
2003 Q4 TEC Confidence Index Survey (2003)
Final Results
12/1/03
916 responses
5371 surveys sent
17% response rate
3.2% margin of error, with 95% confidence
1. Compared with a year ago, have overall economic conditions in the
U.S. improved, remained about the same, or worsened?
Response Frequency Percent
Improved 641 70.6%
About the Same 229 25.2%
Worsened 38 4.2%
2. During the next 12 months, do you expect the overall economic
conditions in the U.S. will be better, about the same, or worse
than now?
Response Frequency Percent
Better 737 81.0%
About the Same 153 16.8%
Worse 20 2.2%
3. Do you expect your firm's total number of employees will increase,
remain about the same, or decrease during the next 12 months?
Response Frequency Percent
Increase 552 60.9%
About the Same 317 35.0%
Decrease 38 4.2%
4. Are your firm's total fixed investment expenditures likely to
increase, remain about the same, or decrease during the next 12
months?
Response Frequency Percent
Increase 460 50.9%
About the Same 385 42.6%
Decrease 58 6.4%
5. Do you anticipate that your firm's sales revenues will increase,
remain about the same, or decrease during the next 12 months?
Response Frequency Percent
Increase 753 82.9%
About the Same 118 13.0%
Decrease 37 4.1%
6. Do you expect your firm's profitability to improve, remain about
the same, or worsen during the next 12 months?
Response Frequency Percent
Improve 670 73.8%
About the Same 186 20.5%
Worsen 52 5.7%
7. Do you expect the value of the U.S. dollar compared with other
currencies to be stronger, about the same, or weaker during the
next 12 months?
Response Frequency Percent
Stronger 181 20.5%
About the Same 472 53.3%
Weaker 232 26.2%
8. How would you rate the job Alan Greenspan and the Federal Reserve
are doing?
Response Frequency Percent
Excellent 276 30.7%
Pretty Good 563 62.7%
Only Fair 54 6.0%
Poor 5 0.6%
9. How would you rate President Bush's handling of the economy?
Response Frequency Percent
Excellent 164 18.1%
Pretty Good 436 48.2%
Only Fair 201 22.2%
Poor 104 11.5%
10. In your opinion, what is the biggest threat to the economy over
the next 12 months?
Response Frequency Percent
Weak consumer spending 105 12.0%
Weak business investment 153 17.4%
Inflation 20 2.3%
Deflation 12 1.4%
High interest rates 29 3.3%
Budget deficit 94 10.7%
Terrorism 271 30.9%
Situation in Iraq 104 11.8%
Other 90 10.3%
Consumer confidence 2
Currency weakness 3
Government-Democrats/ Republicans w/office 11
Government Fiscal Spending/Deficit 2
Loss of U.S. Jobs to Overseas 13
Media 4
Terrorism 4
Trade Issues: Deficit, tariffs, competition
w/China 18
Unemployment 9
Misc. 14
11. How do you feel about the recent mutual fund trading scandals?
Response Frequency Percent
I plan to stop investing additional money 55 6.2%
I plan to withdraw my existing investments 30 3.4%
I feel this has no effects on my
investments and don't plan to change
anything 532 59.5%
I feel I will never entirely trust my mutual
fund 277 31.0%
12. In your opinion, what will be the #1 issue in next year's
presidential election?
Response Frequency Percent
The economy 491 56.0%
The war on Iraq/terrorism 325 37.1%
Health Care 35 4.0%
Education 1 0.1%
Other 25 2.9%
All of the above 2
Campaign spending 1
Democrats 3
Leadership 3
Trust 2
Unemployment 1
Misc. 3
13. Do you favor the current postwar policy in Iraq?
Response Frequency Percent
Yes 610 68.0%
No 287 32.0%
14. How would you rate President Bush's handling of the situation with
Iraq since he declared an end to major fighting?
Response Frequency Percent
Excellent 88 9.7%
Pretty good 406 44.9%
Only fair 237 26.2%
Poor 173 19.1%
15. What should the U.S. do now about the number of American troops in
Iraq?
Response Frequency Percent
Send more troops 259 29.3%
Keep the same number 434 49.1%
Withdraw some troops 139 15.7%
Withdraw all troops 52 5.9%
16. Compared with the U.S., many European countries have adopted a
more generous work schedule (i.e., 35-hour work week, five weeks
paid vacation). Do you think that puts their companies and
economies at a competitive disadvantage in the global market?
Response Frequency Percent
Definitely 509 56.6%
Somewhat 230 25.6%
Not significantly 119 13.2%
Not at all 41 4.6%
17. What is the most effective way you develop your employees for
leadership positions?
Response Frequency Percent
Mentoring 452 50.1%
Developmental/rotational assignments
within the company 136 15.1%
Education and training programs 200 22.1%
We don't specifically focus on employee
leadership 115 12.7%
18. Is your business family-owned?
Response Frequency Percent
Yes 542 60.2%
No (if no, please skip to #19) 359 39.8%
18a. Did you inherit the business?
Response Frequency Percent
I inherited the business 149 30.2%
I built the business from scratch 271 54.9%
I was hired as CEO of a family-owned
business 74 15.0%
18b. Do you think that your business will stay in the family?
Response Frequency Percent
I intend to pass my business along to
my children 108 20.6%
I intend to pass my business along to a
non-family member 34 6.5%
I plan on developing an exit strategy 257 49.0%
I am not in the position to determine
future ownership of the company 125 23.9%
19. What is the most significant way your business gives back to the
community?
Response Frequency Percent
Corporate giving/monetary donations 438 49.2%
We donate our company's products/services
to organizations 155 17.4%
We donate our time as a group through
organized community service days at
least once a year 76 8.5%
Although we don't organize community
service days as a group we allow
employees to take time off for community
service 66 7.4%
We do not currently participate in
corporate giving or community service 156 17.5%
20. How will your company's holiday bonuses this year compare to last
year's?
Response Frequency Percent
Higher than last year's holiday bonus 170 18.8%
Lower than last year's holiday bonus 173 19.1%
Same as last year's holiday bonus 302 33.3%
We don't give holiday bonuses 261 28.8%
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