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View All NewsCPA group’s survey finds execs optimistic about economy, hiring
For the first time since the recession, most business executives are optimistic about prospects for the U.S. economy in the coming year, according to the American Institute of CPAs’ second-quarter economic outlook survey.
The number of business executives describing themselves as “optimistic” or “very optimistic” about U.S. economic prospects passed the 50 percent mark in the second quarter for the first time since the recession, improving to 51 percent, up from 49 percent in the first quarter. In early 2009, the level stood at just 5 percent.
The survey polled CEOs, CFOs, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles.
The CPA Outlook Index — a gauge of executive sentiment within the survey— rose two points in the second quarter to 72, a post-recession high.
“Companies are beginning to focus more on growth, hiring and investment,” said Arleen Thomas, AICPA’s senior vice president of management accounting and global markets. “We have to wait and see if we’ve truly turned a corner, but executives are clearly feeling more comfortable about the domestic business climate going forward.”
Executives who said they were optimistic about their company’s prospects increased to 61 percent in the second quarter from 51 percent in the first quarter, and those with expansion plans increased from 63 percent to 64 percent.
The survey found business executives now list “availability of skilled personnel” as No. 3 on their list of top challenges, up from No. 6 at the end of 2013. And “staff turnover” moved up three spots in the past quarter to No. 10.
Fifty-one percent of companies reported they have the right number of employees and 9 percent said they have too many. Of those that need employees, 17 percent plan to hire, up from 15 percent in the first quarter; however, the remaining 20 percent are hesitating to hire.
The survey of AICPA Business & Industry members was conducted between May 13 and May 29, 2014, and had 1,810 qualified respondents.