(Bloomberg) — Confidence among chief executive officers of large US companies deteriorated to a two-year low against a backdrop of rapid inflation and rising interest rates.
(Bloomberg) — Confidence among chief executive officers of large US companies deteriorated to a two-year low against a backdrop of rapid inflation and rising interest rates.
The Business Roundtable’s CEO Economic Outlook index slid 11.4 points to 84.2 in the third quarter, according to a report released Wednesday. Readings above 50 indicate expansion.
Respondents were less upbeat about their firm’s sales, capital spending and employment in the next six months, with each retreating for a third consecutive quarter. The survey, which polled 170 CEOs from Aug. 12 to Sept. 7, also showed executives lowered their US economic growth estimates for this year, to 2.3% from 3.2%.
As the Federal Reserve “works to tame inflation in the short term, Congress and the administration can take additional actions now to ensure long-term economic growth,” Joshua Bolten, CEO of the Business Roundtable, said in a statement.
Bolten also called on the Biden administration to allow for increased domestic energy production to bring down costs.
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