“Firms continue to anticipate employment and revenue growth in 2023, albeit at a slower pace than last year,” said Atlanta Fed economist Brent Meyer. “Even though CFOs improved their economic outlook somewhat, they noted a confluence of challenges as they navigate a historically tight labor market, persistently high pricing pressures, and tighter monetary policy going into 2023.” View the full results >
Whither Capital Spending?
Despite a modest upgrade to firms’ collective view of the outlook for the U.S. economy, an increasing share of firms cited ‘unfavorable financing’ and a ‘lack of funding’ as reasons for not engaging in capital investment. This evidence suggests that firms are beginning to feel the effects of higher interest rates as monetary policy continues to tighten.
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