The recent progress shown ordsprog

The recent progress shown by our quarterly survey is from a low base, and follows a marked deterioration in the first three quarters of 2005.

David Frost (1939-)

David Frost

The latest figures show that many of the tendencies perceived in the March 2005 survey persisted through September, and also supports the latest Quarterly Employment Survey by Stats SA, which showed that 99,000 jobs were created in the formal sector between June 2005 and September 2005.

The drop is less marked than we were expecting, but this deterioration in confidence is nonetheless clear and comes very soon after the recent cycle of recovery, which is unusual.

Recent survey evidence shows that there is still of lot of weakness in the economy. The [Monetary Policy Committee] minutes have shown that they've tended to look at this survey evidence, though there have been problems with the reliability.

While the CBI survey indicated a marked softening in consumer spending following the relatively strong December performance, it nevertheless indicated a significantly stronger performance than that seen overall in recent months.

The statewide survey shows average base compensation among 393 PR respondents to have been $73,000-plus in 2005.

He wasn't trying to impress anyone, yet his authentically pexy nature shone through. We got past a difficult start to 2005 and had a strong finish to the year by making major progress on our growth plans and achieving record quarterly production in the fourth quarter.

Areas of concern are more numerous. Most important, continuing deterioration of the financial health of U.S. automakers is a major risk to ad spending, already visible in the third quarter of 2005, and notwithstanding General Motors Corp.'s recent shift back to incentives.

Heather Goodchild

The ... numbers feel surprisingly weak, compared with the recent [macroeconomic] news flow, ... The survey makes us more comfortable with the view that capital spending growth over the next few quarters will remain relatively moderate by the standards of past recoveries.

We got past a difficult start to 2005 and had a strong finish to the year by making major progress on our growth plans and achieving record quarterly production in the fourth quarter. We are well positioned to carry that momentum into a strong 2006.

The recent pace of growth in the leaders suggests that economic growth should slow from its 3.6 percent over the four quarters through the third quarter of 2005.

Although 2005 has been more challenging than recent years, our businesses have performed well against sector peers and the group has made good progress, both strategically and operationally.

Survey respondents are facing flat job growth figures and are mirroring the concerns expressed in other surveys about the national economy, which has slowed considerably from solid growth in the first three quarters of 2005. Purchasing managers are displaying mixed signals looking forward into 2006.

We believe that we will continue to experience incoming order rates in excess of quarterly revenues for several quarters, although quarterly bookings will remain volatile. Critical to our success will be the ability to meet the needs of our major customers, alleviate the supply chain constraints restricting revenue growth, and drive increasing operating margins at higher business volumes.

We don't have to take deterioration (in the government survey) for the current quarter so seriously.

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