Data & Results
Financial decision-makers notably increased their expectations for real GDP growth in 2024, and their optimism about the overall U.S. economy also increased.
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Revisions to The CFO Survey Data
CFO Survey data from Q2 2020 to Q4 2023 have been revised in accordance with an annual revision process. Revised historical data are available for download. Comparisons of revised and previously published estimates are also available.
Historical special question results are unrevised and available on archived quarterly results pages.
For more information on the annual data revision process, please refer to The CFO Survey Methodology.
Key Results Summary
| CFO Optimism | Q1 2024 | Q4 2023 |
|---|---|---|
| Optimism about own company (0 to 100) | 68.5 | 67.5 |
| Optimism about the U.S. economy (0 to 100) | 60.6 | 58.1 |
| Note: Q1 2024 data in the table reflect results for 436 U.S. firms responding to the Q1 2024 survey (February 20 – March 8, 2024). Results from the Q4 2023 survey (November 14 – December 1, 2023) are shown for comparison (for 447 firms). Mean optimism values are unweighted. | ||
| CFOs' Growth Expectations for Their Own Firms, by Response Quarter | Q1 2024 | Q4 2023 | ||
|---|---|---|---|---|
| Mean (and Median) Expected Year-Over-Year Percentage Change for Calendar Years | 2024 | 2025 | 2023 | 2024 |
| Revenue | 5.8% (5.0%) | 8.1% (5.0%) | 3.7% (5.0%) | 6.2% (5.0%) |
| Price | 4.1% (3.0%) | 4.7% (3.0%) | 4.3% (5.0%) | 4.1% (3.0%) |
| Unit Cost | 4.5% (3.0%) | 4.2% (3.0%) | 5.4% (5.0%) | 4.5% (4.0%) |
| Employment (full-time) | 5.0% (2.1%) | 3.6% (2.5%) | 4.6% (2.2%) | 3.4% (2.7%) |
| Wage Bill | 5.7% (4.0%) | 5.2% (4.0%) | 6.0% (5.0%) | 5.3% (4.0%) |
| Note: Q1 2024 data in the table reflect results for 390 to 429 U.S. firms responding to the Q1 2024 survey (February 20 – March 8, 2024). Revenue, Price, and Unit Cost are weighted by sales revenue. Employment and Wage Bill are weighted by employment. These data are also winsorized at 2.5% and 97.5% to remove the potential influence of extreme values. | ||||
| Expectations for Real GDP Growth Over Next Four Quarters, by Response Quarter | Q1 2024 | Q4 2023 |
|---|---|---|
| Weighted Mean | 2.2% | 1.7% |
| Weighted Median | 2.0% | 1.7% |
| Probability of Negative Growth (mean share of probability on bins below zero) | 10.1% | 13.5% |
| Note: Q1 2024 data in the table reflect results for 398 U.S. firms responding to the Q1 2024 survey (February 20 – March 8, 2024) and that indicate they are familiar with Gross Domestic Product (GDP). Responses are weighted by sales revenue. | ||
Please refer to the full results for Q1 2024 and The CFO Survey Methodology for more information.
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