Global CEO confidence fell in the third quarter following a slight decline in the second quarter, according to The Conference Board. Its measure of CEO confidence decreased to a level of 55 from 63 in the second quarter.

A reading of more than 50 reflects more positive responses than negative ones.

“CEO confidence declined further in the third quarter and is now at its lowest level in two years,” said Lynn Franco, director of economic indicators at The Conference Board. “However, CEOs remain confident about growth prospects in the US.”

Franco noted CEOs also remain confident about India, but are growing increasingly pessimistic about China, Brazil, Europe and Japan.

“Tariffs and trade issues, coupled with expectations of moderating growth in 2019, are causing a heightened degree of uncertainty about the global economy,” she said. “More CEOs than last year say they increased their capital investment plans, most likely the result of strong economic growth, increased consumer demand and the 2018 tax cuts. However, whether that increase can be sustained remains to be seen.”

The CEO Confidence Survey Third Quarter 2018 was fielded from mid-August to mid-September.