For the first time in several years, economic uncertainty is now their lead concern, replacing worries about the difficulty of hiring and retaining talented workers.
According to CNN, 53 percent of chief financial officers expect the United States to enter a recession prior to the 2020 presidential election. That information was sourced from the Duke University/CFO Global Business Outlook survey released on Wednesday. And two-thirds predict a downturn by the end of next year. While a slight downturn may not amount to a recession, it certainly means CFOs are taking the initiative to prepare for the worst.
Only 12% of CFOs in the United States indicated they have become more optimistic about the domestic economy, down from 44% a year ago, according to the Duke survey. CNN blamed the economic uncertainty on the trade war with China, and it obviously is playing a role, however, Americans themselves are partially responsible too. The debt load continues to rise with spending while wages are remaining largely stagnant.