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Data & Results

March 30, 2022

Alongside the decline in optimism about the U.S. economy, expectations of firms for real GDP growth and stock market appreciation both softened.

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Revisions to The CFO Survey Data

CFO Survey data from Q2 2020 to Q4 2021 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 OptimismQ1 2022Q4 2021
Optimism about own company (0 to 100)69.670.8
Optimism about the U.S. economy (0 to 100)54.860.3
Note: Mean optimism values are unweighted.
CFOs’ Growth Expectations for Their Own Firms, by Response QuarterQ1 2022Q4 2021
Mean (and Median) Expected Year-Over-Year Percentage Change for Calendar Years2022202320212022
Revenue11.2%
(9.0%)
9.9%
(8.0%)
13.8%
(9.0%)
8.8%
(6.0%)
Price8.4%
(5.0%)
6.0%
(5.0%)
7.3%
(3.5%)
4.1%
(4.0%)
Employment (full-time)4.5%
(3.3%)
5.4%
(3.4%)
3.9%
(0.9%)
5.0%
(3.2%)
Wage Bill7.8%
(5.0%)
6.1%
(5.0%)
7.6%
(5.0%)
7.0%
(5.0%)
Non-wage Compensation7.3%
(6.0%)
7.1%
(5.0%)
6.8%
(5.0%)
7.1%
(5.0%)
Unit Cost8.3%
(6.0%)
7.0%
(5.0%)

9.9%
(5.0%)

5.6%
(5.0%)
Note: Revenue, Price, and Unit Cost are weighted by sales revenue. Employment, Wage Bill, and Non-wage Compensation are weighted by employment. These data are also winsorized at 2.5% and 97.5% to remove the potential influence of extreme values.
CFOs’ Expectations for Real GDP Growth Over Next Four Quarters, by Response Quarter
Q1 2022Q4 2021
Weighted Mean2.5%3.1%
Weighted Median2.8%3.0%
Probability of Negative Growth
12.3%6.1%
Note: Responses are weighted by sales revenue.

Please refer to the full results for Q1 2022 and The CFO Survey Methodology for more information.

 

April 2020 and Prior

Duke University’s Fuqua School of Business and CFO magazine previously conducted the Global Business Outlook by surveying CFOs of companies and subscribers of CFO magazine around the world each quarter. An archive of past surveys is available at cfosurvey.fuqua.duke.edu.

 

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