Data & Results
March 29, 2023
Financial decision-makers became slightly more optimistic about the U.S. economy and increased their expectations for real GDP growth in 2023, while citing labor availability and inflation as the most pressing concerns for their company.
Revisions to The CFO Survey Data
CFO Survey data from Q2 2020 to Q4 2022 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 2023 | Q4 2022 |
|---|---|---|
| Optimism about own company (0 to 100) | 67.8 | 67.3 |
| Optimism about the U.S. economy (0 to 100) | 55.0 | 53.8 |
| Note: Q1 2023 data in the table reflect results for 294 to 295 U.S. firms responding to the Q1 2023 survey (February 27 – March 10, 2023). Results from the Q4 2022 survey (November 14 – December 2, 2022) are shown for comparison (for 331 to 332 firms). Mean optimism values are unweighted. | ||
| CFOs' Growth Expectations for Their Own Firms, by Response Quarter | Q1 2023 | Q4 2022 | ||
|---|---|---|---|---|
| Mean (and Median) Expected Year-Over-Year Percentage Change for Calendar Years | 2023 | 2024 | 2022 | 2023 |
| Revenue | 7.2% (6.0%) | 7.1% (5.0%) | 9.2% (8.0%) | 5.0% (5.0%) |
| Price | 5.2% (5.0%) | 4.0% (4.0%) | 8.8% (5.0%) | 5.4% (4.0%) |
| Unit Cost | 6.0% (5.0%) | 4.6% (4.0%) | 8.9% (5.0%) | 6.5% (5.0%) |
| Employment (full-time) | 2.2% (2.6%) | 3.4% (2.5%) | 11.8% (3.7%) | 3.3% (2.6%) |
| Wage Bill | 7.1% (5.0%) | 5.9% (4.0%) | 8.5% (6.0%) | 6.9% (5.0%) |
| Note: Q1 2023 data in the table reflect results for 254 to 293 U.S. firms responding to the Q1 2023 survey (February 27 – March 10, 2023). Results from the Q4 2022 survey (November 14 – December 2, 2022) are shown for comparison (for 302 to 322 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 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 2023 (N=272) | Q4 2022 (N=288) |
|---|---|---|
| Weighted Mean | 1.4% | 0.7% |
| Weighted Median | 1.3% | 0.8% |
| Probability of Negative Growth (mean share of probability on bins below zero) | 19.3% | 30.8% |
| Note: Q1 2023 data in the table reflect results for 272 U.S. firms responding to the Q1 2023 survey (February 27 – March 10, 2023) and that indicate they are familiar with Gross Domestic Product (GDP). Results from the Q4 2022 survey (November 14 – December 2, 2022) are shown for comparison (for 288 firms). Responses are weighted by sales revenue. | ||
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