Data & Results – Q1 2023

March 29, 2023

CFOs Modestly Upgrade Economic Outlook Despite Labor Market, Inflation Concerns

Financial decision-makers became slightly more optimistic about the U.S. economy and increased their expectations for real GDP growth in 2023, while citing labor availability and inflation as the most pressing concerns for their company.

News Release

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 Energy Costs

    The first quarter survey asked firms about increases in their total costs associated with energy usage. Roughly three-quarters of firms noted that their costs associated with energy usage increased since the start of 2022. Most of these firms noted that increased energy costs decreased their profitability. Only about 20 percent of respondents indicated passing the majority of their cost increases on to customers.

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