Just a few months ago, optimism among American CEOs hit record highs. But given stubbornly high inflation, Russia's invasion of Ukraine and a Covid wave in Europe, that sunny outlook has dimmed.
The Business Roundtable said Monday that its CEO Economic Outlook Survey dipped to a reading of 115 during the first quarter. CEOs also indicated decreased plans for hiring and investment and lower expectations for sales. The group, whose members are the chief executives of top US companies, emphasized that, despite the dip, the survey still reflects historically strong hiring plans and growth expectations.
The Business Roundtable acknowledged that the continued risk from Covid-19 and rising inflation are also creating a period of uncertainty, especially when asking CEOs to look to the second half of this year. Read MoreThe survey's release comes ahead of a scheduled meeting Monday evening between President Joe Biden and Business Roundtable members at the group's Washington office.