CEOs hiring less for Connecticut jobs

Posted on October 7, 2012

CEOs around the US are not going to be hiring as much for Connecticut jobs, among other locations.

A new survey from Business Roundtable shows that there is a sharp drop in the number of large companies that plan to add jobs or hire more workers.

This is most likely because are worried about the impact of budget cuts and tax increases that are set to take effect at the start of next year.

The Business Roundtable CEO Economic Outlook Survey Index decreased to 66.0 in the third quarter of 2012 from 89.1 in the second quarter of 2012, the lowest reading since the third quarter of 2009 and the third largest single quarter drop in the survey’s history.

Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with more than $7.3 trillion in annual revenues and nearly 16 million employees.

According to the survey, only 29 percent of CEOs plan to increase hiring over the next six months. That’s down from 36 percent in June, when the group last released its quarterly survey.

“CEOs envision somewhat slower overall economic growth for 2012 and have modestly lower expectations for sales, capital expenditures, and hiring as compared to last quarter,” said Jim McNerney, Chairman of Business Roundtable and Chairman, President and CEO of The Boeing Company. “While CEOs see continued economic expansion, the dip in quarterly sentiment reflects concern over increasingly persistent obstacles to a stronger recovery, including uncertainty over year-end U.S. Government tax and spending plans and a path to resolution of the Eurozone crises.”