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The CFO Survey Shows Business Confidence Beginning to Rebound as Firms Grapple with Effects of COVID-19

July 8, 2020

Findings from The CFO Survey conducted jointly for the first time by Duke University’s Fuqua School of Business and the Richmond and Atlanta Feds show that CFOs and other financial decision makers were more optimistic in the second quarter compared to the first quarter. Still, firms expected revenue growth to be negative, on average, in 2020.

Article

The CFO Survey and Firms’ Expectations for the Path Forward

July 8, 2020

By Brent Meyer, Roisin McCord and Sonya Ravindranath Waddell

The second quarter CFO survey results paint a nuanced picture of how firms view changes in revenue and employment over the next 18 months.

Data

Optimism Improves in the Second Quarter

July 8, 2020

When survey participants were asked between June 15 and June 26 to rate the financial prospects of their firms on a scale from 0 to 100, the average optimism level was 69.8. When asked to rate their optimism about the overall U.S. economy, the average index was 59.8. Both indexes indicated improvement from the first quarter.

Date,Optimism about the U.S. economy,Optimism about own company
2002-06-01,62,66.5
2002-09-01,57.6,65.4
2002-12-01,61.7,64.7
2003-03-01,55.4,62.7
2003-06-01,61.7,62.8
2003-09-01,65.2,67.9
2003-12-01,71,71.5
2004-03-01,67.5,73.6
2004-06-01,68.9,68.8
2004-09-01,66.2,69.3
2004-12-01,67.3,72.2
2005-06-01,65,70.9
2005-09-01,67.4,71.7
2005-12-01,64.5,70.1
2006-03-01,67.2,72.1
2006-06-01,64.1,70.1
2006-09-01,62.9,69.3
2006-12-01,65.8,69.8
2007-03-01,67.3,71.5
2007-06-01,65,70.1
2007-09-01,60.5,69
2007-12-01,57,67.9
2008-03-01,51.7,64.7
2008-06-01,51.8,63.4
2008-09-01,54.1,63.2
2008-12-01,41.8,54.7
2009-03-01,39.9,53.4
2009-06-01,51.7,56.7
2009-09-01,55.6,61.9
2009-12-01,54.5,62.2
2010-03-01,55.5,65.2
2010-06-01,57.5,65.6
2010-09-01,49.3,61.2
2010-12-01,58.7,65.9
2011-03-01,61.3,67
2011-06-01,57.1,65.4
2011-09-01,49.4,63.1
2011-12-01,53.3,63.1
2012-03-01,59.2,66.8
2012-06-01,55.7,64.1
2012-09-01,52.1,62
2012-12-01,50.7,63
2013-03-01,55.3,63.8
2013-06-01,60.8,64.2
2013-09-01,58.2,65
2013-12-01,57.2,65.5
2014-03-01,60,63.9
2014-06-01,61.1,67.1
2014-09-01,62.5,68.9
2014-12-01,63.7,66.4
2015-03-01,64.7,67.5
2015-06-01,62.9,67.5
2015-09-01,60,65.8
2015-12-01,60.3,65.9
2016-03-01,58.6,66
2016-06-01,59.4,66.3
2016-09-01,60.6,65.3
2016-12-01,66.5,67.4
2017-03-01,68.5,69
2017-06-01,67.4,69.2
2017-09-01,65.9,70.2
2017-12-01,68.6,71.3
2018-03-01,71.2,70.1
2018-06-01,71.1,71
2018-09-01,70,71.4
2018-12-01,66.4,68.5
2019-03-01,64.6,70.4
2019-06-01,65.7,68.1
2019-09-01,62.6,67.1
2019-12-01,66.6,75
2020-03-01,50.9,59.7
2020-06-01,59.8,69.8

Note: The dashed vertical line denotes a moderate change in the question wording and presentation. Please see The CFO Survey Methodology for further information.

Featured

News

The CFO Survey Shows Business Confidence Beginning to Rebound as Firms Grapple with Effects of COVID-19

July 8, 2020

Article

The CFO Survey and Firms’ Expectations for the Path Forward

July 8, 2020

By Brent Meyer, Roisin McCord and Sonya Ravindranath Waddell

The second quarter CFO survey results paint a nuanced picture of how firms view changes in revenue and employment over the next 18 months.

Data

Optimism Improves in the Second Quarter

July 8, 2020

Date,Optimism about the U.S. economy,Optimism about own company
2002-06-01,62,66.5
2002-09-01,57.6,65.4
2002-12-01,61.7,64.7
2003-03-01,55.4,62.7
2003-06-01,61.7,62.8
2003-09-01,65.2,67.9
2003-12-01,71,71.5
2004-03-01,67.5,73.6
2004-06-01,68.9,68.8
2004-09-01,66.2,69.3
2004-12-01,67.3,72.2
2005-06-01,65,70.9
2005-09-01,67.4,71.7
2005-12-01,64.5,70.1
2006-03-01,67.2,72.1
2006-06-01,64.1,70.1
2006-09-01,62.9,69.3
2006-12-01,65.8,69.8
2007-03-01,67.3,71.5
2007-06-01,65,70.1
2007-09-01,60.5,69
2007-12-01,57,67.9
2008-03-01,51.7,64.7
2008-06-01,51.8,63.4
2008-09-01,54.1,63.2
2008-12-01,41.8,54.7
2009-03-01,39.9,53.4
2009-06-01,51.7,56.7
2009-09-01,55.6,61.9
2009-12-01,54.5,62.2
2010-03-01,55.5,65.2
2010-06-01,57.5,65.6
2010-09-01,49.3,61.2
2010-12-01,58.7,65.9
2011-03-01,61.3,67
2011-06-01,57.1,65.4
2011-09-01,49.4,63.1
2011-12-01,53.3,63.1
2012-03-01,59.2,66.8
2012-06-01,55.7,64.1
2012-09-01,52.1,62
2012-12-01,50.7,63
2013-03-01,55.3,63.8
2013-06-01,60.8,64.2
2013-09-01,58.2,65
2013-12-01,57.2,65.5
2014-03-01,60,63.9
2014-06-01,61.1,67.1
2014-09-01,62.5,68.9
2014-12-01,63.7,66.4
2015-03-01,64.7,67.5
2015-06-01,62.9,67.5
2015-09-01,60,65.8
2015-12-01,60.3,65.9
2016-03-01,58.6,66
2016-06-01,59.4,66.3
2016-09-01,60.6,65.3
2016-12-01,66.5,67.4
2017-03-01,68.5,69
2017-06-01,67.4,69.2
2017-09-01,65.9,70.2
2017-12-01,68.6,71.3
2018-03-01,71.2,70.1
2018-06-01,71.1,71
2018-09-01,70,71.4
2018-12-01,66.4,68.5
2019-03-01,64.6,70.4
2019-06-01,65.7,68.1
2019-09-01,62.6,67.1
2019-12-01,66.6,75
2020-03-01,50.9,59.7
2020-06-01,59.8,69.8

About the Survey

Research & Commentary

Data

Survey Participation

Featured

The CFO Survey Shows Business Confidence Beginning to Rebound as Firms Grapple with Effects of COVID-19

The CFO Survey and Firms’ Expectations for the Path Forward

Data

Optimism Improves in the Second Quarter

Featured

The CFO Survey Shows Business Confidence Beginning to Rebound as Firms Grapple with Effects of COVID-19

The CFO Survey and Firms’ Expectations for the Path Forward

Data

Optimism Improves in the Second Quarter

About the Survey

Research & Commentary

Data

Survey Participation

Featured

The CFO Survey Shows Business Confidence Beginning to Rebound as Firms Grapple with Effects of COVID-19

The CFO Survey and Firms’ Expectations for the Path Forward

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Optimism Improves in the Second Quarter

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The CFO Survey Shows Business Confidence Beginning to Rebound as Firms Grapple with Effects of COVID-19

The CFO Survey and Firms’ Expectations for the Path Forward

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Optimism Improves in the Second Quarter

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