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So European crisis decidedly weak economic data here at home -- a fiscal -- looming so just how worried is business.
Bob emirates has -- finger on the pulse of a lot of different industries is the chairman and senior partner PW see your price Waterhouse Coopers.
US -- joining us again it's a pleasure to have you back let it be here thanks so much you know what I.
Talk to -- CEOs out there in the industry it sounds like there is a slowdown going on it's the same thing when you look at the GDP data here we are getting ready for the jobs data on Friday are you hearing a similar thing.
We're hearing similar concerns across the board but the reality is we're seeing some emerging trends are actually positive -- when you -- you actually see -- -- bottoming out the housing market right now.
Second we actually see our Peter BC real estate investor survey commercial real estate -- trending in the right direction now with -- increasing leasing and rentals.
And finally we're starting to see some trends from an enemy activity actually start to pick up we saw that in late man going into June as well.
Well that's a good stuff -- -- let's break it down a little bit when you're looking at the housing industry were seeing a bottoming in prices what I'm hearing but not necessarily an uptick in volume.
That's correct and again there's a difference between new housing as well as existing housing that's going on right now but the reality is the consumer confidence is actually starting -- increase albeit slightly albeit slightly.
But it's very important action we're looking for the positive trends actually make sure of the mindset of the CEO -- tendered in the right direction.
And I'm surprised to hear you see commercial real state that you're seeing some pick up -- because that seems to imply some sort of confidence.
Absolutely and again that's we're seeing some increased confidence by the CEOs -- take a risk Willem actually go after market share from a consumer perspective.
The reality is today from the CEO's perspective.
They don't have confidence -- consumers they got do all -- Kennedy in front of them bring relative air quality products.
Is there any fear that the that's lagging and now we've seen a little bit of a slowdown in the economy is so those trends could deteriorate on these trends can actually out of our second quarter report and so we're actually seeing -- a -- basis was again as -- -- deposits sign yet to better than we've seen in past oh that's great how concerned are they about everything that's going on in Europe and the potential -- or have -- been hearing that for so long and it's kind of becoming more -- There there's still is a concern the reality is the macro trends of emerging market slow down obviously the concerns in Europe overall and again that uncertainty around politics and regulation in the state.
We're still top of mind for CEOs they are more numb to it but the realists are trying to work different way through it in terms of what they wanna do in -- the excellence.
So what kind of advice do you give that because it seems like it's still hard to be courageous in this atmosphere and and make big decisions hire people.
Not sort of saying you know given everything that's going on.
The advice forgiven and clients is very simple one stay focused on your consumer you got actually bring relevant quality product and in -- and cause it's a big grab for market share.
Of which the consumer -- -- wanna spent unless you give Marie suspend.
Second is be Smart about expense management cost management again there's a lot of and certainly -- -- announced the return on value so to speak.
And less -- at least scenario -- Europe is still a mask the reality is you don't know which was gonna go obviously it's been positive lately he got a plan all scenarios right now.
But -- you know guarding yourself against every scenario and making sure that you you know don't extend yourself too much all sounds like insulating yourself against risk and that's not spending money.
Yeah and the reality is what we're -- are companies right now that we serve is actually be.
Focused on the upside potential as much as the downside potential that's a different risk management mindset.
-- typically it's actually been focused on the downside -- -- company's focus on the upside as much as the down.
I was talking to -- -- any American truckers association yesterday and he was saying that he hears people say they're worried about the fiscal click it it was hard for me to believe -- those words are coming out of the mouths of business owners across the country small and large he says they actually are people -- -- talking.
Not absolutely ridiculous talking about the macro issues that are they are and obviously causes them to be concerned about what.
Actions they wanna be taking it was a we're seeing some positives in terms -- hiring for example on tech industry in the healthcare industry.
A little bit in those services business we're not seen as much obviously in the trucking business in the paper business but again that's fundamental transformation that's happened because the -- that out to people think and we were just.
Talking about the Fed a short time ago are are your customers are you focused on what the Fed is gonna do from here or have they done everything they can't.
Now I think there's still -- worse taxes they can inmate he will take but I think there's a lot of factors that -- decision I don't expect a lot to get something right away especially with the no pressure was coming up tomorrow -- later -- tonight -- the reality is I think we ought to watch the next quarter or two to see exactly what's gonna be taken on terms of the actions by the Fed could armor it's always a pleasure thanks for coming -- thanks very much.
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