Industry News

CEOs more ‘pessimistic’ about economy

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A key indicator that measures chief executives' confidence in the economy fell in the second quarter of 2007, The Conference Board reported Wednesday. The Chief Executives' Confidence Measure, which had improved to 53 in the first quarter of 2007, fell to 45 in the second quarter, according to The Conference Board's latest survey of nearly 100 business leaders in a wide range of industries. A reading of more than 50 points reflects more positive than negative responses. "Several quarters of sluggish economic growth have taken a toll on CEOs' confidence, erasing two quarters of improvement," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement. "Looking ahead, CEOs do not expect a significant turnaround in conditions and profit expectations. Only a quarter expect profits to increase versus three-quarters last year, reflecting their pessimistic outlook." CEOs' assessment of current economic conditions was little changed from earlier this year, with ...