Chase Survey of Business Executives Shows Most are Optimistic about Growth and Half will Add Positions
View of National Economy More Guarded
NEW YORK - Almost three out of four companies expect revenue growth and nearly two-thirds predict increased profits for their business in the year ahead, according to the 2011 Chase Economic Outlook Study.
Half of the companies surveyed said they expect to hire full-time permanent employees in the next 12 months.
While optimistic about their own company’s prospects, most were more guarded about the national economy. Thirty-nine percent of the companies report an optimistic outlook on the national economy.
“Our survey shows business executives across the country are optimistic about their company’s outlook and many expect to add to their corporate payrolls over the next 12 months,” said Todd Maclin, CEO of Chase Commercial Banking. “The survey results are encouraging and informative, but also show we have obstacles to overcome.”
Chase Commercial Banking surveyed senior financial decision makers at nearly 700 U.S. companies with revenues ranging between $10 million and $500 million annually. This is the first year Chase has surveyed Commercial Banking clients and prospects to gauge their outlook on the economy and expectations for the year ahead.
Survey participants talked about their own businesses:
- 72% expect to achieve revenue growth and 62% expect higher profits in next 12 months
- 50% plan to hire additional full-time, permanent employees
- 42% anticipate investing more in their businesses with increased capital expenditures
- 40% plan to borrow more in the next 12 months and 7% will borrow less
They also addressed national issues:
- 39% are optimistic about the national economy
- 42% expect interest rates to rise significantly over the next 12 months
- 67% say the regulatory environment is making it more difficult to expand and hire new workers
- 59% view the recently passed health-care legislation as an impediment to hiring
- 72% are very concerned about rising health-care costs
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. Chase’s Commercial Bank extended $92 billion in new financing to clients in 2010. That includes over $9 billion to more than 600 government, not-for-profit, healthcare and educational institutions. More information about Chase is available at www.chase.com.
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