On June 20, I wrote a post about the latest Business Roundtable’s CEO Economic Outlook Survey and the Duke/CFO Magazine Global Business Outlook Survey titled “CEO & CFO Surveys 2Q 2011.”
Subsequent to that post, on July 8, the Conference Board released its 2nd Quarter CEO Confidence Survey. The overall measure of CEO Confidence was at 55, down from 67 in the first quarter.
Notable excerpts from the July 8 Press Release include:
CEOs’ assessment of current economic conditions was much more pessimistic than last quarter. Only 33 percent say conditions are better compared to six months ago, down from 85 percent last quarter. In assessing their own industries, business leaders were also more negative. Now, just 40 percent say conditions have improved, compared with 61 percent in the first quarter.
CEOs’ optimism about the short-term outlook also declined sharply. Currently, only 43 percent foresee an improvement in economic conditions over the next six months, down from 66 percent last quarter. Expectations for their own industries are about as pessimistic, with just 44 percent of CEOs expecting conditions to improve in the months ahead, down from 49 percent last quarter.
I post various economic forecasts because I believe they should be carefully monitored. However, as those familiar with this blog are aware, I do not agree with many of the consensus estimates and much of the commentary in these forecast surveys.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1308.87 as this post is written