Data & Results – Q4 2020
Dec. 22, 2020
CFOs Optimistic but Uncertain About the Pace of Recovery
Corporate financial decision-makers are generally optimistic about U.S. economic prospects, but note downside risks for 2021, as well as a trend towards workforce automation.
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 Automation and Uncertainty
Automation
While hiring is expected to rebound in 2021, more than half of large firm CFOs say their companies are implementing technology to replace labor, and for most of those firms, at least some of the automation was intended to solve labor-related challenges caused by the pandemic. Much of the increase in automation was also intended to replace low-skilled workers.
Uncertainty
Respondents in the fourth quarter expressed considerable uncertainty about revenue expectations. When asked for the highest and lowest possible percentage changes in revenue for 2021, the average respondent’s forecast ranged from -1.6 percent to 13.7 percent. The CFOs who are most uncertain about revenues in 2021 are also least optimistic about the economy, and, particularly, the financial prospects of their own firms.
What would be your estimate for the highest and lowest possible percentage changes in your revenue for calendar years 2021 and 2022? | 2021 | 2022 |
Lowest possible percentage change | -1.6% | 1.0% |
Most likely percentage change | 6.7% | 8.1% |
Highest possible percentage change | 13.7% | 14.2% |
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