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As per the last Duke University/CFO Magazine Global Business Outlook Survey, released at the end of last year, 60 percent of CFOs say the US economic recovery will be delayed until the fourth quarter of 2009 or later, while 71 percent of European CFOs expect Europe's recovery to be delayed until at least the fourth quarter of 2009. Capital spending is expected to fall by 10%, tech spending is expected to slip 4% on average, marketing and advertising spending is expected to drop by 7% and earnings over the next 12 months are expected to decline 9%.
Based on those sorts of projections, it is hard to see any turnaround happening this financial year, not even the fourth quarter.