CPAs who are also top executives at their companies are feeling a little more upbeat about the U.S. economy as recession fears fade, according to a new survey.
The third-quarter AICPA & CIMA Economic Outlook Survey polled a group of 401 CEOs, CFOs, controllers and other CPAs and found that 29% of them expressed optimism about the outlook for the U.S. economy, up from 14% in the second quarter. Only 16% of them anticipate a recession by the end of the year, compared to 47% in the previous quarterly survey. Nevertheless, 27% expect to see a recession in 2024. Their outlook on the global economy also grew a little sunnier, with 17% expressing optimism in the Q3 survey, compared to 11% in Q2.
"Most of the indicators we track are up this quarter, buoyed by greater prospects for a soft landing for the economy and a sense that inflation may have peaked," said Tom Hood, executive vice president for business engagement and growth at the AICPA & CIMA, in a statement. "There's still substantial wariness about the economic outlook, however. One strong positive is that half of business executives now expect to see expansion in their organizations over the next 12 months."
Inflation no longer retains the top spot among the business challenges cited by the survey respondents since the end of 2021. Instead, the top business challenge they cited in Q3 was "availability of skilled personnel," reflecting the continuing talent shortages in the labor market.
