(1888PressRelease)
April 10, 2009 - The Business Roundtable’s economic outlook index sank to minus 5, the lowest level since the series began in 2002, from a 16.5 reading in the fourth quarter, the Washington-based group said today. Readings can range from 150 to minus 50 and anything less than 50 signals pessimism.
The gloomier outlook indicates company chiefs aren’t convinced the Obama administration’s $787 billion stimulus plan or Federal Reserve measures to pump trillions of dollars into the financial system to boost borrowing and spending will pay off. By margins of at least two-to-one, executives said sales, investment and employment would drop over the next six months.
“Improving consumer confidence and demand, both in the U.S. and abroad, is key to jump-starting the economy,” Waters, said in a statement. “While recently implemented administration policies will take time to have an impact, they already have begun to restore confidence in our markets, which is a critical first step.”
The stimulus bill, signed into law in February, included tax cuts and spending on infrastructure projects that President Barack Obama pledged would save or create 3.5 million jobs. The Treasury Department is also moving to repair the damaged banking system and lower record foreclosures.
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