While dropping slightly in both the short- and the mid-term, the Accountants Confidence Index remained strongly optimistic.

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 55.48, down just under two points from the previous month's 57.25, but still well above the 50 mark that separates expectations of growth from expectations of contraction. The 6-Month ACI, meanwhile, came in at 58.21, down less than a point from last month's 58.99.

The index components mostly declined somewhat, reflecting uncertainty about the potential impact of the Tax Cuts and Jobs Act, but the biggest drop was in respondents' expectations for their own short-term growth, as tax season -- and its attended revenue boost -- came to an end.

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.

Daniel Hood

Daniel Hood

Daniel Hood is editor-in-chief of Accounting Today and Tax Pro Today, and has covered the tax and accounting field for over 20 years.