Uncertainty ‘the Dominant Cloud’ Hanging Over CEOs in Pandemic: Survey

The Conference Board’s CEO confidence index had a 1-point uptick in Q3 to 45 points from the second quarter, it reported Thursday. A reading below 50 reflects more negative than positive responses. The board compiled the index in collaboration with The Business Council. About 38% of the CEOs canvassed expect to trim their workforces in the next 12 months, the survey found. With “uncertain economic conditions likely to persist,” more than a third also don't foresee raising pay in the next year, but 37% expressed little worry in attracting qualified talent, said the board: “Without substantial containment of COVID-19, widespread uncertainty will continue being the dominant cloud hanging over America’s CEO community.” CEOs remained pessimistic about current economic conditions, “though to a lesser extent than in the second quarter,” said the board. Nearly 90% said conditions were worse compared with six months earlier, down from 100% who said so in Q2. Only 8% said economic conditions were better. About three-quarters said conditions in their own industries were worse compared with six months earlier, down from 82% last quarter. About 17% said conditions were better in their own industries, up from 10% in Q2.