DURHAM – Despite inflation, higher interest rates and ongoing challenges in finding and retaining workers, corporate finance officials are becoming a little more optimistic about the US economy.
That’s according to the latest CFO survey from Duke University’s Fuqua School of Business and its partners, the Federal Reserve Banks of Richmond and Atlanta.
“Companies continue to expect job and revenue growth in 2023, albeit at a slower pace than last year,” said Atlanta Fed economist Brent Meyer. “Although CFOs have improved their economic outlook somewhat, they noted a confluence of challenges as they navigate a historically tight labor market, persistently high price pressures and tighter monetary policy into 2023.”
According to the survey, CFOs rate the economy out of 55 out of 100. While the value is below the historical average of 60, it is higher than in the previous quarter.
They also raised their expectations for gross domestic product growth to 1.4% from 0.7%.
Negative expectations fell sharply to 19% from 31% last quarter.
However, more and more companies are reducing their expenses.
Employee-related issues such as compensation and retention/hiring were the top concerns of CFOs.
The poll ended on March 10th.
Duke CFO Survey Economy
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