There's no perfect way to measure what makes businesses cautious, so we have to piece it together.

George Gmach, director of human resources at Trusight Employment, a consultancy to manufacturers, wrote in an email this morning that owners are still smarting from the downturn. The surprise of the housing bust cut deep, the memory is fresh. Yes, it's partly psychological.

"People are bombarded with numerous articles warning about problems in Europe, China and in our own domestic economy," Gmach wrote. "The issue is that employers are not sure which of the possible signals of impending problems are actually the 'canary' that we should be watching, like the housing bubble in the late 90's and early 2000's, or if we should pay more attention to our own business experiences and our own customer demands."

It sounds like it's going to take a while for business to get its confidence back.

So what are they worried about? A national survey of manufacturers by accounting firm Clifton Larson Allen found that 93 percent of manufacturers cited "overall economic uncertainty" as a concern. 91 percent of the same sample cited rising health care costs as a concern, and 79 percent cited the cost of production. They're all related.

"I think the mood of the public is cautious because of their recent experiences," Gmach wrote. "They are cautious about spending money or incurring debt that may leave them unprepared to deal with the next economic crisis."

Enterprise Minnesota surveyed 400 manufacturing executives in January 2012 on their revenue projections and what worries them, among other things. The results are published in the group's State of Manufacturing book. The organization, which is another consultancy to manufacturers, says the stats have a 5 percent margin of error.

The survey asked how concerned executives are about various topics. The managers said they were most concerned about the cost of health care, government policy and regulation, and taxes. Here's a chart:

It looks like the fundamentals of business are not their concern. Meanwhile, the majority said their revenue would either stay the same or grow this year: