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PwC U.S. chairman Bob Moritz gives his outlook for business, global economy and financial literacy.
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All right thanks so much peers -- no sign of stimulus from the Fed deadlock in Washington and a fiscal cliff looming.
So just how worried is business -- -- has his finger on the pulse of a lot of different industries -- the chairman.
And senior partner -- PW CUS.
Get to hire some price Waterhouse Coopers and I don't know we don't use an industry that is -- and have a can't try to clarify that for everybody.
You know you have a lot of clients talk to a lot of different people feeling right now.
Right now I would tell you that there's actually degree resiliency in the CEOs really so we go back five months ago we did a global service CEOs and they would very concerned about the economy broadly in the macro conditions but -- -- confidence in their ability to deliver the bottom line and get some growth.
Was higher than expected and again I think it's because they didn't -- -- -- -- resiliency over the past few years in dealing with all the external factors that we're -- word about right now.
So they're confident with themselves that a competent have to go -- higher not yet a reality is right now their confidence is good because of what they've done in the past the next increased productivity tremendously.
So -- volumes may slowly be increasing particularly in the states you don't see the opportunity your -- out of the needs.
To actually go out -- -- have a you guys are you hiring we are higher yeah -- I'm so what are -- -- tax them what -- they see as the biggest hurdle going forward I think you have two worlds right now.
CEOs.
Five months ago what does that have that degree resiliency two things have changed one is the concern -- Europe obviously and second is the contagion effect in the emerging markets where there looking for that consumer growth it's slow down a little bit but they're still positives there.
So I think -- word about the hangover effect of Europe primarily right now and what it does for the confidence of themselves and -- that and other consumer.
It in the economy here in the US do you feel like it's getting better getting worse I think -- volume increases are continue to get better when you look at the economy I think we have to dissect the macro from a stock market perspective -- again was the Czech national sidelines.
Ability to invest will be a lot of volatility.
-- volume creation and bottom line contribution that actually is continue in the right direction.
Do you feel like there's a disconnect gives you separated -- a lot of people say that's mean there's a disconnect between the stock market economy now they don't feel like the stock market.
Is that indicator any longer six months ahead of time already economy's going it's more you know they're just not as -- -- any -- I.
I think they will relate at some point in time but there definitely is a time lag right now in terms of again the confidence of the cash that's sitting there on the results are coming from companies.
And the willingness to invest and again I confidence level for the average consumer would tell investors institutional investor to put it in there and actually make a -- -- -- How big of a problem do you think Europe is and it's going to be I think it's got a long tail to it and I think there is potentially some risks associated with the effect they goes broader than Europe because again it has an impact in terms of what Asia dozens of an emerging markets.
So I think the collective impact is actually pretty big in the mind set -- CEOs and after matter the consumer.
Our CEO is watching Ben Bernanke and rooting for QE3 or you know what they like to see and what's what's their feeling on -- I thank you very much depends on the CEO we're talking to him down there is a great degree of variability.
By sector by market and my company.
And it really does come from the confidence that they pretty from their past actions -- people watching from -- looks all the platform.
So in some cases they want it some cases it also got a lot of variability out there -- you guys have you feel about it.
We actually feel pretty good there's a tremendous opportunities -- the thing with us is a professional services -- the largest around the world is actually -- -- we continue to be relevant to our clients the companies who -- And the investing community.
As a result we needs new skill -- all the time to help with customer experience revenue uptick as well as cost management project management -- I wanna -- about this investment you're making -- was your real reason for coming in today tonight pick your brain and everything -- -- such a good sport.
I just amazing stats 35% of teens do not know how to write a check.
And fewer than 20% of teachers is that the one that really stuck out to -- Fewer than 20% -- prepared to teach financial literacy right so more than eighty are not prepared that's crazy.
Yeah it is crazy and that's where we could -- -- -- you think we can actually have a positive impact here when you look back the big issue right now that the C is -- -- about this talent and the mismatch between skill sets out as a result particularly here in the states you have stats like that the question is can the educators do with themselves.
And we'd argue now.
Hence the reason we're taken all of our employees and basically putting them to work leveraging the skill sets.
They have financial competency is so what we've done is put a commitment out there of a 160 million dollars over the next few years sixty million in financial contribution but a million hours.
And our people's time to actually go help teach in the -- from to this point -- literacy.
Or create and help the teachers teach and doing this together we think it's the right would move forward good for you -- operates thank you so much coming into the we really appreciate got a -- active information.
