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BofA/Merrill Lynch survey finds shrinking CFO optimism
Written by David Horn   
Tuesday, 25 September 2012 10:33

(CHARLOTTE) -- Confidence in economic growth declined sharply in the latest Bank of America Merrill Lynch CFO Outlook survey. Most U.S. financial executives cited the effectiveness of U.S. government leaders as a reason for the shrinking optimism, but other factors were cited as well.

Of the CFOs surveyed, 61 percent also named the U.S. budget deficit for the stagnant view of the economy. Other potential impacts chosen by CFOs were healthcare costs, global market unrest, U.S. unemployment levels, consumer confidence and oil prices.

“The combination of uncertainly and volatility have understandably made CFOs more cautious as the year progressed,” said Laura Whitley, head of Global Commercial Banking at Bank of America Merrill Lynch. “While many CFOs remain optimistic that their own companies will grow, they recognize there are many factors out of their control, and significant concerns remain about the outlook for the economy the rest of this year.”

Only 36 percent of financial executives surveyed in the CFO Outlook Fall Update said they expect the economy to expand in 2012, down from 63 percent in the Spring Update earlier this year. At the same time, 13 percent said they expected the economy to contract, compared to 4 percent in the previous survey. The latest responses are similar to the 2012 CFO Outlook annual survey conducted in the fall of 2011, when only 38 percent of executives said they expected economic expansion this year.

 
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