Today (July 11), The Conference Board released its 2nd Quarter CEO Confidence Survey. The overall measure of CEO Confidence was at 62, up from 54 in the first quarter. [note: a reading of more than 50 points reflects more positive than negative responses]
Notable excerpts from this July 11 Press Release include:
CEOs’ appraisal of current economic conditions improved dramatically. Now, 60 percent are claiming conditions are better compared to six months ago, up from 36 percent in the first quarter. Business leaders are also more upbeat about conditions in their own industries. Approximately 40 percent say conditions in their own industries have improved, compared with close to 29 percent last quarter.
CEOs’ short-term outlook also improved significantly. Currently, 60 percent of business leaders expect economic conditions to improve over the next six months, up from 32 percent in the first quarter. Expectations for their own industries are also more positive, with 53 percent of CEOs anticipating an improvement in conditions in the months ahead, up from 33 percent last quarter.
The Business Roundtable also released its CEO Economic Outlook Survey for the 2nd Quarter of 2013 last month. Notable excerpts from the June 12 release, titled “CEOs Expect Slight Increase in U.S. Economic Output in 2013” include the following:
CEO expectations for the U.S. economy increased for the second time in five quarters. They assessed the GDP would grow at a 2.2. annual rate in this survey, up from 2.1 percent expect growth in last quarter’s survey.
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 in the second quarter of 2013 to 84.3 from 81.0 in the first quarter. The Index signals expected continued economic expansion and is at its highest level since the second quarter of 2012. The current Index is at modestly above its long-term average level of 79.3.
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 1669.32 as this post is written