CHICAGO — Most retail chief financial offers predict a continuation of stagnant economic conditions, according to a report this week from BDO USA, an accounting and consulting firm, based here.
The survey found only 9% of retail CFOs expected a ongoing economic recovery, vs. 82% that said ongoing stagnation was more likely. Another 9% projected a "double-dip" recession.
The majority (78%) of retail CFOs said economic improvement was most dependent upon lower unemployment or consistent improvement in consumer confidence and spending. A rebound in the housing market was cited by 10% as most important and a rebound in the U.S. and global financial markets was cited by 9%.
Unemployment was cited by 76% as the economic issue having the greatest impact on consumer confidence for the balance of 2010, up from 64% in 2009.