Survey Says ... CEOs To Make Life Difficult

Nearly one-third of the country's top executives expect to cut payrolls in the coming months, reflecting fallout from the housing crisis as well as soaring energy prices.

Over the past year, the economy has been bruised by the blows of a trio of crises - housing, credit and financial. Soaring prices for energy, food and other commodities are also adding to the strains. Gas prices have topped $4 per gallon and oil prices are hovering above $133 a barrel.

The survey found that 31% of chief executives said they expected to reduce employment at their companies in the coming months. That's up from 22% who said they expected to cut payrolls in a previous survey released in April. Seventy percent of executives in the new survey said they would probably hold payrolls at current levels or boost them. That's down from 78% in the old survey.