[rebelmouse-proxy-image https://media.rbl.ms/image?u=%2FZgiRRQpGDC2L0NDnvUOiAbynoiU%3D%2F2020%2F10%2F21%2F1603280898047.png&ho=https%3A%2F%2Fimages.axios.com&s=704&h=15a97bbe755611555322bd45670cba051a8a9e26322adae55d4b44693f014c6e&size=980x&c=159385917 crop_info="%7B%22image%22%3A%20%22https%3A//media.rbl.ms/image%3Fu%3D%252FZgiRRQpGDC2L0NDnvUOiAbynoiU%253D%252F2020%252F10%252F21%252F1603280898047.png%26ho%3Dhttps%253A%252F%252Fimages.axios.com%26s%3D704%26h%3D15a97bbe755611555322bd45670cba051a8a9e26322adae55d4b44693f014c6e%26size%3D980x%26c%3D159385917%22%7D" expand=1]
U.S. consumers remain uncertain about the economic environment but CEOs are feeling incredibly confident, the latest survey from the Conference Board shows.
Why it matters: Confidence among chief executives jumped 19 points from its last reading in July, rising above the 50-point threshold that reflects more positive than negative responses for the first time since 2018.
The big picture: Judging by their stated expectations, CEO confidence is not a good sign for workers. Over the next 12 months, CEOs said they expect to cut jobs, hold down employee pay and reduce capital spending.
- 37% of CEOs expected to reduce their capital budgets in the year ahead, while 38% expected no change and 25% anticipated increasing spending.
- 34% expected a net reduction in their workforce, another 34% expected no change and just 9% expected an expansion of the workforce above 3%.
- 21% foresaw no increase in their employees’ wages and 5% said they may reduce wages.
- 62% of CEOs expected little to no problems finding qualified workers, while 11% expected widespread talent shortages or hiring problems.
Worth noting: Consumers globally grew slightly less confident this week, continuing a trend evidenced over the past six weeks across the income spectrum, per data provider Morning Consult’s Index of Consumer Expectations.
- The poll surveys 11,000 adults per day in 15 countries.
[rebelmouse-proxy-image https://media.rbl.ms/image?u=%2FQ5R7olJc43Ss6o4KvSX6OUMtX08%3D%2F2020%2F10%2F21%2F1603281028430.png&ho=https%3A%2F%2Fimages.axios.com&s=784&h=5c4fee7d20734c323a685985485442c9841f0641e8a7aeecb23138873622e9b7&size=980x&c=3267124488 crop_info="%7B%22image%22%3A%20%22https%3A//media.rbl.ms/image%3Fu%3D%252FQ5R7olJc43Ss6o4KvSX6OUMtX08%253D%252F2020%252F10%252F21%252F1603281028430.png%26ho%3Dhttps%253A%252F%252Fimages.axios.com%26s%3D784%26h%3D5c4fee7d20734c323a685985485442c9841f0641e8a7aeecb23138873622e9b7%26size%3D980x%26c%3D3267124488%22%7D" expand=1] 
