Research & Commentary

These posts provide analysis and commentary on quarterly survey results, including results from special questions. To read news articles about The CFO Survey, visit our Media Mentions page.

June 28, 2023

The current outlook of small firms is noticeably worse than for large firms. On average, small firms report being more affected by tight financing conditions, are less optimistic about the economy and their own prospects, and expect lower revenue growth in 2023.

March 29, 2023

In the first quarter 2023 CFO Survey, an increasing share of firms cited 'unfavorable financing' and a 'lack of funding' as reasons for not engaging in capital investment. This evidence suggests that firms are beginning to feel the effects of higher interest rates as monetary policy continues to tighten.

Dec. 21, 2022

Results from the fourth quarter 2022 CFO Survey indicate that although monetary policy has grown as a key concern for respondents, most note that current interest rate levels have not affected their capital or non-capital spending plans. We also find evidence that if employers were looking to raise wages to account for inflation in 2022, the catch-up was only partial.

Sept. 28, 2022

In the third quarter 2022 CFO Survey, more firms reported elevated cost increases and the ability to pass a larger chunk of those cost increases on via price increases.

June 29, 2022

In this podcast, Richmond Fed economist Sonya Waddell shares insights from the second quarter CFO Survey.

Sonya Ravindranath Waddell

June 29, 2022

The second quarter results from The CFO Survey reveal growing concerns about the outlook for the U.S. economy. Firms continue to struggle amid the high inflation environment and against a backdrop of further removal of monetary accommodation.

March 30, 2022

The first quarter CFO Survey revealed firms’ dampened optimism about the U.S. economy and lower projections for real GDP growth and equity market performance. At the same time, firms are hampered by hiring difficulties that are restraining revenue growth.

Brent MeyerJohn Graham, Emil Mihaylov, and Sonya Ravindranath Waddell

Dec. 2, 2021

Third and fourth quarter results from The CFO Survey point to widening constraints on labor supply and intensifying supply chain disruptions that are showing up as rising costs that could feed through to higher prices.

Brent Meyer, Roisin McCord, and Sonya Ravindranath Waddell

July 14, 2021

The economic recovery from the pandemic-induced downturn of 2020 has been swift in terms of overall spending. Could the recovery in spending be even stronger if labor shortages could be resolved?

Brent Meyer, John Graham, Roisin McCord, Emil Mihaylov, Nicholas Parker, and Sonya Ravindranath Waddell

July 14, 2021

Results from the second quarter CFO Survey indicate that, on average, firms expect larger than normal cost increases to persist until spring 2022. What does that mean for consumer prices?

Sonya Ravindranath Waddell, John Graham, Roisin McCord, Brent Meyer, Emil Mihaylov, and Nicholas Parker

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