Chief financial officers are the most optimistic about the US economy since the second quarter of 2021, according to The CFO Survey released today by the Federal Reserve Bank of Richmond, Virginia. On a scale of 0 to 100, CFOs rated their optimism as 61 in the new survey. That’s up from 58 in the previous survey. It was 69 in the second quarter of 2021. 

CFOs also raised their expectations for GDP growth over the next four quarters to 2.2%. That’s up from 1.7% in the previous quarterly survey. 

The probability of negative economic growth fell to 10% in this current report from 31% in the second half of 2022. 

“CFOs have improved their economic outlook amid stronger realized growth in the US economy,” Brent Meyer, Atlanta Fed economist, said in a press statement. “Firms still face many challenges, including a tight labor market and persistent pricing pressures, but there is less concern over a downturn in economic growth compared to previous quarters.” 

The CFO survey also found automation is affecting the hiring of workers. 

Responding to a special question in the most recent survey, more than half of respondent firms reported implementing software, equipment and other technology to automate tasks previously completed by employees. Among those firms that automated tasks over the last 12 months, nearly 40% noted that automation caused them to either slow the rate of hiring new employees, decline to fill open positions or lay off employees. 

The CFO Survey is a collaboration of the Federal Reserve Banks of Richmond and Atlanta and Duke University’s Fuqua School of Business.