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Data & Results

Sept. 28, 2022

Financial decision-makers responding to the third quarter survey lowered their expectations for real GDP growth amid concerns over inflation and trouble finding skilled labor.

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Key Results Summary

CFO OptimismQ3 2022Q2 2022
Optimism about own company (0 to 100)68.068.0
Optimism about the U.S. economy (0 to 100)53.150.7
Note: Mean optimism values are unweighted.
CFOs' Growth Expectations for Their Own Firms, by Response QuarterQ3 2022Q2 2022
Mean (and Median) Expected Year-Over-Year Percentage Change for Calendar Years2022202320222023
Revenue9.1%
(7.0%)
7.4%
(6.0%)
9.3%
(8.0%)
6.7%
(6.0%)
Price7.4%
(5.0%)
5.1%
(4.0%)
9.3%
(6.0%)
5.8%
(4.0%)
Unit Cost8.9%
(6.0%)
6.6%
(5.0%)
10.2%
(8.0%)
6.5%
(5.0%)
Employment (full-time)8.4%
(2.5%)
3.5%
(2.4%)
4.5%
(2.6%)
3.7%
(2.3%)
Wage Bill8.5%
(6.0%)
6.8%
(5.0%)
8.4%
(7.0%)
6.9%
(5.0%)
Non-wage Compensation7.5%
(5.0%)
7.8%
(6.0%)
8.0%
(7.0%)
7.6%
(6.0%)
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
Q3 2022Q2 2022
Weighted Mean0.9%1.5%
Weighted Median0.9%1.7%
Probability of Negative Growth
30.3%20.8%
Note: Responses are weighted by sales revenue.

Please refer to the full results for Q3 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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