Survey Reveals Media’s Role in Troubled Economy According to The Alloy Silverstein Group

CHERRY HILL, N.J., March 9 /PRNewswire/ — 86 percent of South Jersey businesses recently polled believe media coverage contributes to the troubled economy. In addition, nearly two thirds think bad financial news is over reported.

These statistics were gleaned from those who responded to a survey by the Cherry Hill accounting firm The Alloy Silverstein Group, where 673 questionnaires were sent to its business client base with a 10.7 percent return.

“In addition to the facts being reported, the daily drum beat of negative stories appears to be undermining confidence and, according to the majority of our survey results, making things worse. They seem to believe there should be more emphasis on context,” noted Alloy Silverstein’s Managing Shareholder Ren Cicalese. “For example, the flawed bank bailout last year may in fact have averted a financial collapse,” he said.

South Jersey businesses responses also indicated:

• One third reported layoffs in 2008
• 68 percent expected more cost cutting in 2009
• Half think the bailouts and stimulus package will help
• 42 per cent think the worst will be over in 2009
• 41 per cent see New Jersey’s major issue as individual and business taxes

“We believe it is important for legislators, economists, the media and general public to hear from the South Jersey business community from time to time. Our client base represents a cross section of the South Jersey business community and provides a valuable perspective that should be taken into consideration,” said Cicalese.

The firm plans to continue to conduct its surveys in an effort to gauge the mood of the South Jersey business community as it evolves.

SOURCE The Alloy Silverstein Group