Bay Area employers are cautious about hiring, have modest optimism for economic growth over the next six months and give the regional economy higher marks than the national economy, a new survey shows.
The Bay Area Council’s confidence index -- the number that distills the overall survey findings -- slipped to 61 from 66. But the indicator continues a favorable outlook.
“It’s economic whack a mole,” said Jim Wunderman, CEO of the Bay Area Council, a business-backed policy group that represents approximately 275 of the largest employers in the region.
“There were strong signals earlier this year that the economy might finally be turning a corner and getting ready for a sustained period of increasing growth,” Wunderman said. “But the progress has been frustratingly slow and uneven.”
The responses to the Bay Area Council survey came from 426 CEOs, top executives and economic development officials in the nine Bay Area counties surveyed between May 11 and June 5.
The survey showed that 31 percent of executives plan to increase hiring over the next six months. And 13 percent plan workforce reductions.
Slightly more than half of executives -- 53 percent -- said they will stand pat with hiring over the next six months.
About two-thirds of those surveyed said Bay Area economic conditions are better than six months ago and 59 percent expect economic conditions will continue to improve over the next six months.
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