Manufacturing CFOs Say No Raises For Employees

Survey by Grant Thornton showed 71 percent of chief financial officers plan on cutting costs by not giving out raises, and 47 percent expect to see job cuts.

CHICAGO -- A survey of manufacturing chief financial officers and senior comptrollers by Grant Thornton LLP showed 71 percent plan on cutting costs by not giving out raises.

Eighty-three precent believe the U.S. will remain in a recession for the rest of 2009, and 73 percent are most concerned about the price of employee benefits.

Additionally, 47 percent expect their company's headcount to decrease.

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