Chief Executive Officers Confidence Fell In October Survey

Posted By on October 14, 2010

Confidence among chief executive officers in the U.S. fell in October to the lowest level since May 2009 according to a survey from the Business Council.

The Washington-based group’s sentiment gauge dropped to 51.2 this month from a two-year high of 66.6 in May, a report showed today. As calculated by the Conference Board, readings greater than 50 signal economic growth.

“The momentum in the U.S. and global economy evident in recent surveys has subsided,” Jamie Dimon chief executive officer of JPMorgan Chase & Co. in New York and vice chairman of the Business Council, said in a statement. “Members sent a strong message about increasing government regulation and intervention,” and “the federal budget deficit remains a critical concern,” he said.

The group’s gauge of expectations for the economy six months from now fell to 51.7, the lowest since February 2009, while the executives’ outlook for their own industry dropped to 54.6 from 66.4.

www.bloomberg.com

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