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June 5, 2012
< 1 minute read

IN SURVEY, CEOS SAY ECONOMY STABILIZING, BUT FEW PLAN TO HIRE


By Katie Eder/NJBIZ
June 5, 2012

Top executives in New Jersey say their businesses and the state economy are becoming more stable, but a majority report plummeting sales volumes are affecting job creation, according to a quarterly survey of confidence among CEOs and chief financial officers.

“Everyone knows someone who is unemployed,” said Ren Cicalese, managing shareholder of Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co., which conducted the survey, released Thursday. “But executives are worried about their sales declining, so they’re holding positions more conservatively. We had a brief glimpse at optimism earlier in the year, but the many negative reports have belittled it.”

The number of executives who indicated the local economy was improving slipped from 20 percent in the first quarter of 2012 to 9 percent in the second quarter, while those who felt their businesses were improving fell from 30 percent to 16 percent. Still, 62 percent of the 82 executives surveyed believe their companies are currently stable, though 51 percent indicated they have no plans to hire in the next six months.

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