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In the most recent CFO survey, financial decision-makers shared whether interest rate hikes have caused them to pull back on their spending plans, and for those not yet affected, whether further hikes would impact their firm. Compared to the fourth quarter of last year, a higher percentage of firms reported that interest rates have curtailed capital and non-capital spending plans.

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.

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.

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.

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

Sonya Ravindranath Waddell

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.

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 Meyer, John Graham, Emil Mihaylov, and Sonya Ravindranath Waddell

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

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

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

First quarter survey results suggest that non-residential investment is likely to continue to be sluggish, at least over the next six months.

Brent Meyer and Sonya Ravindranath Waddell

In this podcast, members of The CFO Survey team discuss the latest results of the survey and what makes the survey unique.

John Graham, Brent Meyer, and Sonya Ravindranath Waddell

The results of our CFO Survey suggest that many firms anticipate that the fiscal stimulus will have only a modest impact on their own future business activity.

Brent Meyer

Business sentiment surveys like The CFO Survey help us understand firms’ hiring, spending and investment decisions.

Tom Barkin

Firms anticipate it will take some time to dig out from the shocking decline of the spring.

Sonya Ravindranath Waddell

The second quarter CFO survey results paint a nuanced picture of how firms view changes in revenue and employment over the next 18 months.

Brent Meyer, Roisin McCord, and Sonya Ravindranath Waddell

In the second quarter CFO Survey, businesses were fairly pessimistic about the path of employment growth.

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

After almost 25 years of running the Duke/CFO Global Business Outlook survey, Duke’s Fuqua School of Business is joining forces with the Federal Reserve Banks of Richmond and Atlanta to launch The CFO Survey.

John Graham, Brent Meyer, Nicholas Parker, and Sonya Ravindranath Waddell