Roughly 1 in 4 chief executives of some of the nation’s largest companies say their businesses have recovered or will have by the end of the year, despite the lingering ill effects of the coronavirus recession, according to a survey.
But the economy remains fragile, they say, and the federal government must provide “further major support” to ensure it does not backslide, according to The Washington Post.
Business Roundtable surveyed 149 members about projected sales, capital spending and hiring for the next six months. The CEO Economic Outlook Survey rose to 64.0 in the third quarter, the headline index’s first quarterly increase in nine quarters, according to a report released Wednesday. The index is up 29.7 points since last quarter but remains well below the historical average of 81.7, which dates to 2002.
More than a one-third of the group—whose members include the CEOs of Apple, JPMorgan Chase and Chevron—expect economic conditions to remain bumpy until 2022 or later. The poll, taken from Aug. 31 to Sept. 16, showed a gradual economic recovery from the pandemic, mirrored in the labor market, consumer spending and industrial production. But the findings also indicate that they don’t see the recovery reaching every sector soon, particularly small businesses. Read the full story.