Economic sentiment among CEOs of the country’s largest companies plunged to its lowest level in more than two years as a recession appears increasingly likely, according to a survey.
Plans for capital investment among the CEOs decreased by 7 points, while expectations for sales decreased by 8 points. The biggest drop came in the employment category, in which plans for hiring fell by a precipitous 17 points.
“The Fed has been pumping the brakes to rein in inflation, and the survey results are unsurprising in that context,” said Business Roundtable CEO Joshua Bolten. The rate increases are designed to slow the economy and cool it down to the point at which price increases slow, but a side effect of that tightening is that the economy might end up cooling too much, too fast, and slide into a recession.
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