With the fall, the Accountants Confidence Index seems to be in a more moderate mode, with a modest decrease in both the short- and the mid-term.

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 dropped very slightly to 55.58, down a hair from the previous month's 55.66, but still well above the 50 mark that separates expectations of growth from expectations of contraction. The 6-Month ACI, meanwhile, came in at 58.06, down from last month's 59.01.

The index components mostly hovered around last month's levels; the biggest drops were in the short- and long-term expectations for the respondents' own firms.

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.