Data & Results – Q2 2022
Economic Outlook for 2022 Deteriorates
Views on the economy among CFOs have worsened for 2022. CFOs expressed a decline in optimism about the economy and reduced expectations for real GDP growth. Respondents also expected higher cost and price pressures for their firms and flat real revenue growth.
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.
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Special Questions on Borrowing and Interest Rates
The survey asked CFOs whether capital spending plans would be affected by increases in their borrowing interest rate. The survey closed prior to the Federal Open Market Committee’s 0.75 percentage point increase in the federal funds rate target on June 15, 2022.
Approximately 60 percent of responding firms said they do not plan to borrow to fund operations in the next 12 months, so may be buffered from interest rate hikes.
Most firms that do not plan to borrow report having enough cash on hand to fund operations for the next 12 months.
Among firms that plan to borrow, a sizable share of firms indicated they would decrease capital investment plans if their borrowing rate increased by 2 or 3 percentage points.
For additional discussion of these results, visit our Research & Commentary section.
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