About 89 percent of business Chief Executive Officers interviewed don’t expect any change in the economy during the first six months of the year.
From: Business Courier of Cincinnati
CEO confidence in the nation’s economy has reached an new low, says the Conference Board’s latest quarterly report. The survey of about 100 top executives in a wide range of industries declined to its lowest level since the Conference Board began questioning the chiefs in the second quarter of 1976.
Twenty-four of the 100 executives surveyed said they were confident about the economic situation in the fourth quarter, down from 40 who replied that way in the third quarter.
The fourth quarter responses marked the second time since the survey began that the New York-based Conference Board’s measure dipped below 30. The low point came in the second quarter of 1980, when it was 29 and the economy was declining into a deep recession and inflation was heating up.
“The erosion in CEO confidence is a reflection of the rapid and severe deterioration in economic conditions experienced in the final months of 2008,” Lynn Franco, director of board’s Consumer Research Center, said in the release.
“It appears that business leaders are optimistic about areas they can control, such as their own business, but have a less positive viewpoint of issues outside of their control,” said Chuck Martin, CEO of NFI Research.
“There certainly is lots of gloom and doom in the media,” said one respondent. “And clearly we have major economic issues before us on a national scale… my hope is that political leadership transitions will provide greater clarity and spur people to gain confidence in our country and economy.”