The Conference Board has recovered that 98% of main executives surveyed are preparing for a U.S. recession portion 99% of CEOs are preparing for an EU recession. “CEO assurance sunk further to commencement Q4 and is astatine its lowest level since the Great Recession,” the enactment said.
98% of CEOs Expect Recession successful the US
The Conference Board published its Measure of CEO Confidence connected Thursday. The committee is simply a global, non-profit probe radical with implicit 1,000 nationalist and backstage corporations and organizations arsenic members successful 60 countries.
The Measure of CEO Confidence is “a barometer of the wellness of the U.S. system from the position of U.S. main executives,” The Conference Board described, adding that its Q4 survey was conducted betwixt Sept. 19 and Oct. 3 and a full of 136 CEOs participated.
“The caller survey asked CEOs to picture the economical conditions they are preparing to look implicit the adjacent 12-18 months,” the committee described, adding:
An overwhelming bulk — 98% — said they were preparing for a US recession. Moreover, 99% of CEOs said they were preparing for an EU recession.
Dana M. Peterson, main economist of The Conference Board, commented: “CEO assurance sunk further to commencement Q4 and is astatine its lowest level since the Great Recession.”
Roger W. Ferguson, Jr., vice president of The Business Council and Trustee of The Conference Board, opined: “CEOs are present preparing for near-inevitable recessions successful some the US and Europe. While the immense bulk inactive expect the US recession to beryllium abbreviated and shallow, astir 7 successful 10 judge the EU volition participate a heavy recession with superior planetary spillovers.”
Many radical person forecasted that the U.S. system volition descent into a recession. JPMorgan CEO Jamie Dimon warned that recession could hit successful six months and the banal marketplace could easy driblet 20% more. In June, the enforcement warned that an economical hurricane is coming, advising radical to brace themselves. In August, the JPMorgan brag doubled down connected his warning, cautioning that “something worse” than a recession could beryllium coming.
Citadel CEO Ken Griffin said past period that ostentation whitethorn person peaked but a recession is coming. “We’re successful a precise uncertain clip for investors,” Griffin stressed. Tesla CEO Elon Musk besides believes that we volition person “a mild recession for 18 months.”
Lawmakers are besides disquieted astir the U.S. system sliding into recession. Senator Elizabeth Warren (D-MA) said successful August that she is “very worried” astir the Federal Reserve raising involvement rates and tipping the U.S. into recession.
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