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TMA members responding to the annual Trend Watch forecast see a brighter economic picture clouded by uncertainty from a commercial real estate industry paralyzed by too much debt and from a public sector where state and local governments are wrestling with reduced tax revenues and rrx0904064 pension obligations."I haven't seen any economist who predicted back in 2008 that there was going to be a U-turn and the economy was going to come roaring back," said Thomas S. Henderson, a bankruptcy attorney in Houston. "These things are like turning around an ocean liner."Still, opinion was tied at 31 percent among those who think the worst of the economic crisis is over and those who expect to see improvement in 2011.

Also tied, however, at just under 20 percent of responses each were those who suspect the worst is yet to come and those who don't expect to see substantial economic improvement until 2012.An undercurrent of caution is revealed in responses identifying where businesses rrx0904065 to spend cash reserves after notable gains in 2010. More than one-third of respondents (35 percent) said companies will engage in mergers and acquisitions, while 31 percent said those funds will go untouched. Only two percent of respondents think companies will increase rrx0904067, while nearly three in 10 think businesses will increase productivity without increasing employees. Seven percent of respondents think companies will commit to capital spending.

"The panic - or debacle - that we were in during the Great Recession of 2009 and 2008 seems to be subsiding but people are very cautious,'' said William K. Lenhart, a certified turnaround professional (CTP) and partner with BDO Consulting in New York. "Businesses are looking at rrx0904068 buys; otherwise, they're just sitting on the sidelines."The commercial real estate industry again led the list of industries most likely to face distress in 2011, based on 64 percent of responses. The residential real estate industry occupied second place with 40 percent of responses, while the retail outlook appeared less ominous; it garnered 26 percent of responses, down from 35 percent last year, and moved from second to third place.