Industry News

CEOs lose confidence in economy

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A key indicator that measures chief executives' confidence in the economy fell to a seven-year low in the fourth quarter of 2007, as fewer business leaders see improvement in the months ahead, The Conference Board reported today. The Conference Board Measure of CEO Confidence, which had declined to 44 in the third quarter of 2007, fell to 39 in the final quarter of 2007, according to a 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. The last time the measure fell below 40 was in the final quarter of 2000 when it sank to 31. "CEOs' confidence in the state of the U.S. economy continues to wither and is now at a seven-year low," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement. "Given continued trouble in the housing and credit markets, persistent volatility in financial markets and increases in energy prices, it's not surprising that confidence ...