"Here is an embiggened version of the infamous jobs chart prepared by Obama administration economists Jared Bernstein and Christina Romer back in January 2009 (and now updated again by me with data from the August jobs report)."
Well-managed companies target costs and productivity
"More than half of all respondents—57 percent—say that because of good management, their companies have been less hurt than most by the crisis. Although that figure probably indicates hope for better results than are entirely plausible, it also indicates a confidence in management that runs counter to many other reports. Indeed, even at companies where executives expect profits to drop in the first half of 2009, 51 percent say that their companies have been well managed, along with 52 percent of executives at financial firms.
Perhaps even more interesting, companies that (according to their executives) are well managed have a focus somewhat different from the one that executives at poorly managed companies support (Exhibit 5). Well-managed companies have a much stronger emphasis on reducing both operating costs and capital spending, as well as on improving productivity. Although executives at poorly managed companies also advocate cutting operating costs, they then turn to restructuring and hiring."
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