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Confidence among the nation’s CEOs fell in the third quarter amid the country’s high inflation and high interest rates, as well as geopolitical concerns, according to the latest Business Roundtable CEO Economic Outlook Index released this week. The index — a composite measure of CEO forecasts for sales, capital spending and hiring for the next six months — fell 12 points from the previous quarter, to 84, but remained above the 50 expansion or contraction threshold.
All three components of the index experienced similar declines: employment plans fell 11 points to 878, capital investment plans fell 11 points to 75 and sales expectations fell 12 points to 99. The increase in the next six months will decrease compared to 16%. Meanwhile, less than half (43%) say they expect capital spending in the next six months, while 47% expect their company’s US employment to increase.
“Global economic uncertainty continues to upset CEOs’ domestic plans and expectations, as reflected in this quarter’s survey results,” said Mary Barr, CEO of General Motors and chair of the Business Roundtable. “Amid ongoing economic and geopolitical challenges, US policymakers must pursue pro-growth policies that strengthen the economy and provide upward mobility for all Americans. We must persevere in preparing the building blocks for future economic growth.
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