Jobless America

CEOs Refrain from Hiring in the U.S.

Despite recent major gains in U.S. corporate profits, many CEOs continue to refrain from hiring. And they tell The Washington Post why: CEOs say that U.S. consumers are bound to disappoint for years to come. Unlike previous decades, the economy is not likely to see record-breaking prosperity any time soon. “It’s a different era,” said Daryl Dulaney, chief executive of Siemens Industry. “Our hiring and investment decisions have to be prudent and reflect that.” While most say the recession isn’t coming back, many can’t predict, with the ebbing and flowing of sales, what their customers will buy in the future. And the government, they say, has also played a large role in corporate caution, criticizing President Obama for, among other things, letting Bush-era tax cuts expire at year’s end for households that make more than $250,000. “It took us a decade to get in the ditch we are in,” said Jason Speer, chief executive of Quality Float Works. “There isn't going to be instant gratification to get us out of it. Congress has been very tough on businesses.”