'Businesses are just being extraordinarily cautious about the outlook even as we've seen some tentative signs of stabilization,' said Mr. Pandl.

潘德尔说，我们已经看到了暂时性的趋稳迹象，但同时企业还是对前景极其谨慎。

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'a weak labor market makes consumers and businesses even less creditworthy and causes lenders to pull back even further,' says Barclay's Mr. Pandl.

巴克莱的潘德尔说，劳动力市场疲软将使消费者和企业信用下降，并导致金融机构更加不愿放贷。

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Hatzius and Pandl looked at the recent payrolls data and then excluded construction jobs and found the trend remained unchanged.

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Zach Pandl, an economist at Columbia Management, an investment firm, said the survey's rosier tone is probably one reason that several Fed policymakers have recently expressed optimism despite sluggish economic data.

WSJ: Fed survey: Housing and auto sales lift US economy