Industry News

CEO confidence hits 4-year low

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Chief executives' confidence fell to its lowest level in four years, The Conference Board reports today in its latest survey of CEOs. The Conference Board's Measure of CEO Confidence, which had fallen to 55 in the second quarter of 2005, slid to 50 in the third quarter (a reading of more than 50 points reflects more positive than negative responses). This is the lowest reading in nearly four years when the Measure registered 40 in the final quarter of 2001. The survey includes about 100 business leaders in a wide range of industries. (Survey results were received prior to and after Hurricane Katrina). "CEOs' confidence was already waning in the face of rising energy costs, and Hurricane Katrina has further exacerbated this situation," said Lynn Franco, director of The Conference Board Consumer Research Center. "Confidence has fallen to a 4-year low and will likely remain subdued for the rest of 2005." CEOs' assessment of current conditions continued to deteriorate. Now, close to 3...