On April 5, The Conference Board released its 1st Quarter CEO Confidence Survey. The overall measure of CEO Confidence was at 63, up from 49 in the fourth quarter.
Notable excerpts from this April 5 Press Release include:
Says Lynn Franco, Director of The Conference Board Consumer Research Center: “CEOs’ confidence has rebounded from rather dismal readings in the latter half of 2011. Looking ahead, chief executives are optimistic about growth prospects, with about the same percentage as last year expecting to hire new workers.”
CEOs’ appraisal of current economic conditions has grown very positive. Now, 67 percent say conditions have improved compared to six months ago, up from just 17 percent last quarter. A similar improvement is reflected in the assessment of their own industries. Forty-two percent of business leaders claim conditions have improved, compared with only 16 percent in the fourth quarter of 2011.
The Business Roundtable also recently released their CEO Economic Outlook Survey for the 1st Quarter of 2012. Notable excerpts from the March 28 release, titled “America’s CEOs See Increased Momentum for U.S. Economy” include the following:
The Business Roundtable CEO Economic Outlook Survey Index – a composite index of CEO expectations for the next six months of sales, capital spending and employment – increased notably to 96.9 in the first quarter of 2012, from 77.9 in the fourth quarter of 2011.
The results of Business Roundtable’s (BRT) first quarter CEO Economic Outlook Survey for 2012 show an upturn in expectations for sales, capital spending and hiring for the next six months.
In terms of the overall U.S. economy, Business Roundtable members estimate real GDP will grow by 2.3 percent in 2012, up from last quarter’s estimate of 2.0.
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 necessarily 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 1369.57 as this post is written