newsobserver.com: US economy: Gloom pervades AICPA business survey - by Alan M.Wolf

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Gloom pervades AICPA business survey by - by Alan M.Wolf

In a survey of 1,606 financial officials conducted by the American Institute of Certified Public Accountants and the University of North Carolina's Kenan-Flagler Business School showed that only 9 percent expect the economy to begin to improve before the second half of 2009. And 48 percent see no improvement until 2010 or later. They blame the credit crisis, increasing unemployment and declines in consumer spending and consumer confidence.

"CPAs are trained to be objective and analytical and are not prone to hype and emotion, so when they foresee our economic problems extending well into 2009 and beyond, it is a troubling forecast," said Arleen Thomas, AICPA senior vice president, in a prepared statement.