The Accountants Confidence Index ticked upward in both the short- and the mid-term, though there remain significant pockets of concern.

The ACI, published 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. The 3-Month ACI came in at 49.76, up just a hair from the previous month's 49.75, but still just below the 50-mark that separates expectations of growth from expectations of contraction. The 6-Month ACI, meanwhile, came in at 52.95, up more than half a point from last month's 52.31.

In terms of the index components, respondents were particularly nervous about the short-term state of the overall economy -- which got its lowest reading ever -- and for its mid-term prospects, as well. They were more optimistic about the prospects for their large-business clients.

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.