Government Stimulus Programs of Little Help to New Jersey Businesses

CHERRY HILL, N.J., Sept. 14 /PRNewswire/ -- In the latest quarterly survey sent to 1,175 New Jersey CEOs and CFOs, 65 percent of respondents felt that none of the government bailouts, stimulus programs or support for banks has helped their businesses. And when asked if the government should generate further stimulus efforts, a resounding 75 per cent said "no."

Half of those surveyed felt unemployment benefits should be extended. Jobs were listed as the most important local issue, trumping concern over taxes.

The August survey of companies with over 100 employees throughout New Jersey by the Alloy Silverstein Group also revealed a shift in concern regarding the business climate over the previous two surveys this year:

• 55 percent felt their company was stabilized, down from 62 percent
• 13 percent felt their company was growing, down from 16 percent
• 28 percent felt their company was slipping, up from 21 percent

"These surveys give us insight to better grasp the mood of our regional business community. What we are now seeing is a diminishing level of confidence for a near term recovery," said Ren Cicalese, shareholder and officer of The Alloy Silverstein Group. "Also, belief that the local economy was stabilizing peaked at 62 percent in May compared to 55 percent in our latest survey," said Cicalese.

This August 2010 survey represents an 8 percent response from companies surveyed. The Alloy Silverstein Group is a full service, regional accounting firm with offices located in Cherry Hill and Hammonton, New Jersey.

SOURCE Alloy Silverstein Group