A Rousing Surge In Business Confidence Except At The BankGene Koretz
Suddenly, with the advent of spring, optimism is busting out all overor nearly all over. Surveys indicate that both the public and business leaders are feeling a lot better about the economy.
So whos unhappy? Just the group that presumably has its fingers on the financial pulse. According to a new nationwide survey of banking chief executives by Grant Thornton, the manage- ment consulting firm, 52% think the U.S. economy is still caught in recession. Whats more, 46% of the 600 top bankers interviewed believe the recession will last until 1993. And though 45% say a recovery is now developing, only 7% expect the whole economy to emerge from recession before midyear.
About the only bright spots in the survey were bankers views on inflation and their own earnings. Less than a third feel inflation will accelerate this year. And 58% expect rising profits, with only 12% anticipating a decline.