Worrying research suggests that nearly two thirds of firms are not expecting a full economic recovery for two years or more.
And a leading Welsh economist last night warned of more uncertainty if unemployment levels follow growth trends that have seen a near stagnation in the UK economy this year.
The study, by business insurance firm QBE, also found that 65% of businesses in Wales expect it to be two years or more before a full economic recovery, with 36% not expecting a turnaround for three years or more.
Respected Aberdare-born financier and economist Gerry Holtham, said he was concerned that unemployment data – which has shown growth in employment – might start to reflect sluggish output statistics which are showing snail-paced growth in GDP.
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Thank goodness Wales has such a huge public sector!