Local CEOs Feel a Sense of Stability

CHERRY HILL, N.J., Sept. 6, 2011 /PRNewswire/ -- The Alloy Silverstein Group conducted their quarterly survey of over 1,500 New Jersey and Philadelphia CEOs and CFOs, and the results paint a picture of skeptical stability. 79% of respondents are anticipating little to no economic growth during the next six months, and although the majority of respondents continue to describe unemployment as the most important and uncertain issue both locally and nationally, half have no plans to hire over the next year.

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"Until the world markets stabilize, the hiring freeze will endure," says Ren Cicalese*, managing shareholder of Alloy. "Companies are getting used to doing more with less. It's going to take sustained growth to put a dent in unemployment."

Other notable findings include:

• Local business owners and operators surveyed perceive the local economy as improving less and less in 2011: 30% in February, 15% in May, and only 5% in August. However, nearly half of respondents consistently reported stability in their respective businesses each of those months.
• Only 22% of area CEOs and CFOs are expecting decreased revenue in 2011 compared to 2010.
• Respondents overwhelmingly agree with New Jersey (90%) and Pennsylvania (86%) governors' budget cuts and oppose increasing taxes.
• 77% do not award President Obama a passing approval rating on business issues.

The strong approval proclaimed by local business owners toward state legislature is evidence of optimism that we are slowly but surely moving in the right direction.

Although majority of respondents described current business expenditures as eliminating necessary costs and paying for higher costs of goods and services, there remains a presence of increased marketing efforts and investment in plant and equipment in preparation of an economic upturn.

Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co. provides a wide range of services including accounting, auditing, tax planning and preparation, management consulting, financial and estate planning, business valuations, litigation support, Eldercare, payroll processing, and information technology consulting.

*Securities offered through 1st Global Capital Corp. Member FINRA, SIPC. Investment advisory services offered through 1st Global Advisors, Inc. Insurance services offered through 1st Global Insurance Services, Inc.

For more information, contact Anne D'Amico, CPA/PFS, (856)667-4100 or [email protected].

SOURCE The Alloy Silverstein Group