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CEO confidence improves, but less hiring foreseen

April 09, 2009

The Conference Board's measure of CEO confidence rose in the first quarter after hitting a historic low in fourth quarter. However, 86% of CEOs anticipate a decrease in hiring compared with 28% when asked in first quarter of 2008.

The measure of CEO confidence rose to a level of 30 in the first quarter. That's up from 24 in the fourth, which was the measure's lowest reading since it began in 1976. Readings of more than 50 points reflect more positive than negative responses.

"CEOs remain pessimistic about current conditions, but have grown more optimistic about the short-term outlook," said Lynn Franco, Director of The Conference Board consumer research center. "This improved outlook, however, does not extend to the labor market. The majority of chief executives still expect employment levels to decline further in the coming months."

The measure's survey included approximately 100 business leaders.