(DURHAM) -- Uncertainty  is keeping many employers on the hiring sidelines. Duke finance professor John Graham said things could turn around once Congress resolves the fiscal cliff, which could lead to spending cuts and tax hikes taking effect.

"As that happens hopefully uncertainty will go down and some more positives steps will be taking place, but I think we are looking at six, nine months before we really even know whether we're making good progress," said Graham.

He said it is frustrating that the companies are not hiring, because they want consumer activity to pick up, while consumers are keeping their wallets closed because of job worries.