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Corporate controllers see steady economic growth ahead.

The second-quarter survey of 2,500 members of the Institute of Management Accountants controllers council found 61% were optimistic about the prospects for economic growth. Only 10% of the controllers thought the economy was still in a recession, while the remaining 29% said there had been no change in the economic climate in the first half of the year.

The increased optimism about the business climate was reflected in the stabilization of employment. Fifty-five percent of respondents expected no change in their companies' employment levels in the second half of the year and 29% looked for new hiring during that time. Only 16% anticipated work force reductions. In a similar survey conducted in February, 25% expected their companies to increase employment, 20% anticipated reductions and 55% expected no change in employment at their companies.

David A. Summers, a business turnaround specialist and bankruptcy trustee in Walnut Creek, California, was not nearly as optimistic as the controllers. He thought consumer confidence was plummeting and believed the most one could hope for employment was for it to stabilize. He said,

The unemployment that I see primarily affects senior managers, some of whom have been without jobs for up to three years."
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Oct 1, 1993
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