Data & Results
Sept. 25, 2024
CFOs remain largely optimistic about their economic trajectory as they plan for the last quarter of 2024. Despite increased concerns around the health of the overall economy and some uncertainty related to the upcoming election, respondents said they still expect employment and revenue growth in the third quarter.
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Key Results Summary
| CFO Optimism | Q3 2024 | Q2 2024 |
|---|---|---|
| Optimism about own company (0 to 100) | 69.4 | 69.0 |
| Optimism about the U.S. economy (0 to 100) | 60.6 | 60.6 |
| Note: Q3 2024 data in the table reflect results for 479 U.S. firms responding to the Q3 2024 survey (August 19 – September 6, 2024). Results from the Q2 2024 survey (May 13 – June 3, 2024) are shown for comparison (for 447 firms). Mean optimism values are unweighted. | ||
| CFOs' Growth Expectations for Their Own Firms, by Response Quarter | Q3 2024 | Q2 2024 | ||
|---|---|---|---|---|
| Mean (and Median) Expected Year-Over-Year Percentage Change for Calendar Years | 2024 | 2025 | 2024 | 2025 |
| Revenue | 4.9% (3.6%) | 7.1% (5.0%) | 5.5% (5.0%) | 8.0% (5.1%) |
| Price | 3.5% (3.0%) | 4.0% (3.0%) | 4.2% (3.0%) | 4.8% (3.0%) |
| Unit Cost | 4.1% (4.0%) | 4.0% (3.0%) | 4.3% (3.0%) | 4.2% (3.0%) |
| Employment (full-time) | 5.6% (1.5%) | 3.2% (2.2%) | 5.3% (0.8%) | 4.0% (2.4%) |
| Wage Bill | 5.3% (4.0%) | 5.2% (4.0%) | 6.4% (4.0%) | 5.4% (4.0%) |
| Note: Q3 2024 data in the table reflect results for 426 to 472 U.S. firms responding to the Q3 2024 survey (August 19 – September 6, 2024). Results from the Q2 2024 survey (May 13 – June 3, 2024) are shown for comparison (for 391 to 440 firms). Revenue, Price, and Unit Cost are weighted by sales revenue. Employment and Wage Bill are weighted by employment. These data are also winsorized at 5% to remove the potential influence of extreme values. | ||||
| Expectations for Real GDP Growth Over Next Four Quarters, by Response Quarter | Q3 2024 | Q2 2024 |
|---|---|---|
| Weighted Mean | 1.9% | 1.9% |
| Weighted Median | 2.0% | 1.9% |
| Probability of Negative Growth (mean share of probability on bins below zero) | 12.6% | 12.6% |
| Note: Q3 2024 data in the table reflect results for 442 U.S. firms responding to the Q3 2024 survey (August 19 – September 6, 2024). Results from the Q2 2024 survey (May 13 – June 3, 2024) are shown for comparison (for 409 firms). Responses are weighted by sales revenue. | ||
Please refer to the full results for Q3 2024 and The CFO Survey Methodology for more information.
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