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PwC Chairman Optimistic about US Economy
August 5, 2012
By Michael Foster, Big4.com Blogger
PwC Chairman Bob Moritz remains optimistic about the United States economy.
In an interview with Fox Business, Moritz said “we’re hearing … concerns … but we’re seeing emerging trends that are actually positive.”
Those positive trends focus on an end to fiscal and economic difficulties that have plagued the United States for the past five years. “When you look you see a bottoming out of the housing market right now,” adding that the improvement in the markets is in both residential and commercial markets. “Commercial real estate is trending in the right direction,” he told Fox Business.
“Trends from an M&A activity” are picking up as well, Moritz said of the real estate industry. He also pointed out that consumer confidence is improving “albeit slightly” which is in turn changing the attitudes of CEOs across the board.
CEOs are also “willing to take a risk” and are responding to sluggish consumer confidence by bringing “relevant quality products” in front of the consumer to try to encourage consumer spending. Answering a question about whether these trends are lagging, Moritz referred to positivity in PwC’s second quarter report that demonstrates a continued growth trend for consumer-oriented firms.
However, macroeconomic trends are still a challenge, Moritz noted. “An emerging market slowdown, obviously the concerns in Europe overall, and uncertainties in politics and regulations” remain major concerns for CEOs, but they are “working their way through it.”
Moritz said that he advises clients to “stay focused on your consumer,” and that demands for quality should drive companies to improve their offerings.
When it comes to managing risk, Moritz said that companies should do more than insulate against dangers and look for opportunities. “Be focused on the upside potential as much as the downside potential,” Moritz said.
The full interview can be seen at Fox Business.