Data & Results – Q3 2020

Oct. 7, 2020

The CFO Survey Shows Expectation of Slow Recovery

Corporate financial decision-makers generally expect employment and revenues to remain below pre-COVID levels until at least 2021, although they remain optimistic about the future financial prospects for the U.S. economy and their own firms.

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.

Special Questions on Effects of COVID-19

The third quarter CFO Survey included special questions on the effects of COVID-19 on firms’ revenue, employment, share of workforce working remotely, and willingness to spend on structures and equipment. Very few firms that are currently below their pre-COVID-19 revenue, employment, or willingness to spend expect to return to pre-COVID-19 levels in 2020.

Note: Data reflect results for 259 to 268 U.S. firms responding to the Q3 2020 survey (September 14–25, 2020).

Note: Data reflect results from the Q3 2020 survey (September 14–25, 2020). The chart shows responses from 165 U.S. firms that indicated they currently have lower revenue than before the outbreak of COVID-19, 102 U.S. firms that indicated they have lower employment than pre-COVID-19, and 125 U.S. firms that indicated they are currently less willing to spend on structures and equipment than pre-COVID-19.

Note: Data reflect results from the Q3 2020 survey (September 14–25, 2020). The chart shows responses from 35 U.S. firms that indicated they currently have higher employment than before the outbreak of COVID-19, and 178 U.S. firms that indicated they have a higher share of their workforce working remotely than pre-COVID-19.