Data & Results – Q2 2023
Financial decision-makers lowered their expectations for U.S. economic growth in the next year, with almost 40 percent of small firms expecting that tighter financing will curtail business spending.
Revisions to The CFO Survey Data
CFO Survey data from Q2 2020 to Q4 2024 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 Financing Conditions
The second quarter survey asked firms whether access to or the cost of financing was constraining their investment or spending plans.
More than 30 percent of small firms (those with fewer than 500 employees) reported that access to or the cost of financing has constrained investment or spending plans, compared with about 20 percent of large firms.
Looking forward, almost 40 percent of small firms responded that they expect lower investments and spending in the remainder of the year due to financing conditions, versus about a quarter of large firms.
Small and large firms reported that if access to or the cost of financing constrained spending, it would primarily hinder the pursuit of new business opportunities.
Small firms were more likely than large firms to report that financing conditions would make it difficult to replace or repair capital assets and refinance debt.
For additional discussion of these results, visit our Research & Commentary section.
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