Following last month's strong performance, our Accountants Confidence Index moderated a bit -- remaining in positive territory with predictions of modest growth in both the short- and the mid-term, but with readings that were somewhat down from our last two reports in February and March.

The ACI, created in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the strength and prospects of businesses in the U.S. Both the 3-Month and 6-Month ACI readings for this month were above 50, which is the divider between growth and contraction. The 3-Month ACI came in at 51.27, down from 52.39, while the 6-Month ACI hit 52.92, down from 53.47.

Most of the index components remained positive despite modest declines; the only component that was down significantly was the respondents’ short-term predictions for the growth of their own firms, which dropped almost four points.

The ACI is created from a monthly poll of the Accounting Today Executive Research Council, an online community of more than 1,500 tax and accounting professionals.

For more on this month's ACI, watch our Executive Summary.