Data & Results – Q1 2022

March 30, 2022

CFO Economic Optimism Declines in the First Quarter of 2022

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.

  • Special Questions on Labor Availability

    More than three-quarters of respondent firms reported difficulty hiring new employees, with most of these firms reporting that these challenges were impacting revenue and more than half indicating an impact on both revenue and their ability to operate at full capacity.

    Among firms reporting hiring difficulties, more than 80 percent are responding by increasing wage and salary offers. The second most common response to hiring difficulties was having existing employees work longer hours. Nearly 40 percent of firms experiencing hiring challenges reported implementing or exploring the use of technology to reduce reliance on labor.

    By roughly what percentage, on average, have you raised wage/salary offerings for those open positions you’re having difficulty filling?
    Percentage Increase in Wage/Salary Offerings for Firms with Hiring DifficultiesTotal
    (N=212)
    Large Firms
    (N=52)
    Small Firms
    (N=160)
    Weighted Mean10.4%10.3%10.6%
    Weighted Median10.0%10.0%10.0%
    Note: Responses are weighted by employment. Firms were presented with this question if they indicated they are experiencing hiring difficulties and in response are increasing wage/salary offerings.
    Source: Duke University, FRB Richmond and FRB Atlanta, The CFO Survey – Q1 2022 (March 7–18, 2022)

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