Corporations scaling back projections

A survey conducted by consulting firm PricewaterhouseCoopers says U.S. multinational companies are lowering their revenue targets for the next 12 months and have reduced plans for new investments. According to the survey, conducted between July and September, only 48% of senior executives at large companies are now optimistic about the economy's prospects over the next 12 months. That's down from 69% in a similar survey conducted in the first and second quarters of this year, said PricewaterhouseCoopers. The survey also found that just 32% of senior executives believe the U.S. economy is growing, down from 37% from the second quarter of this year. The survey, conducted with BSI Global Research, interviewed 155 U.S.-based CFOs and managing directors and found most have reduced their revenue growth expectations for calendar 2002 to 5.9%, down from 6% percent and 6.3%, respectively, in the prior two quarters. Looking ahead over the next 12 months, they are now targeting growth of 7.2%, down from the 9.7% predicted back in the second quarter, said PricewaterhouseCoopers.