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CEO confidence sinks to new low

January 16, 2009

The Conference Board's measure of CEO confidence sunk in the fourth quarter to its lowest level since it began in 1976, the organization announced today. The measure fell to 24 in the fourth quarter from 40 in the third quarter — its previous low was 29 in the second quarter of 1980.

Readings above 50 indicate more positive responses than negative responses. The measure is based on a survey that includes approximately 100 business leaders.

"The erosion in CEO confidence is a reflection of the rapid and severe deterioration in economic conditions experienced in the final months of 2008," said Lynn Franco, director of The Conference Board's consumer research center. "Looking ahead, CEOs remain extremely pessimistic about overall economic prospects in the first half of 2009."