“Alongside an increase in economic optimism, respondents’ expectations for national economic growth rose from the previous survey,” says Sonya Ravindranath Waddell, Vice President and Economist with the Federal Reserve Bank of Richmond.
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Financial decision-makers ranked monetary policy as their top business concern, as higher interest rates have curtailed spending at approximately 40 percent of companies. The CFO outlook is brighter for 2024, however. Here are the details.
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Financial decision-makers lowered their expectations for U.S. economic growth in the next year, with almost 40 percent of small firms expecting that tighter financing will curtail business spending.
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Despite inflation, higher interest rates and continuing challenges in finding as well as retaining workers, corporate financial officers are growing a bit more optimistic about the U.S. economy.
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Workers expecting their pay increases in 2023 received a rude awakening today. Execs say that pay will increase some 3.3% on average – below the ongoing surge in inflation, according to the new quarterly CFO Survey. But 17% of executives say they plan no raises at all.
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The CFO Survey conducted by Duke University Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta found that optimism has fallen between Q2 and Q3 and that labor market concerns are more likely than supply chain issues to be ranked a ‘pressing concern’ for U.S. firms.
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Executives’ optimism about their own businesses and the US economy continues to climb, but worries about the availability of people to fill jobs and inflation are also growing, says a new Duke University CFO survey.
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The COVID-19 crisis that has led to more than 12 million Americans filing for unemployment has hammered business leaders’ confidence about the immediate future of the US economy.
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A growing number of corporate financial officers are expecting a recession to hit the US economy before the 2020 presidential election next November.
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