The Conference Board Measure of CEO Confidence rose to its highest level this quarter since the index began in 1976. The measure is now at a level of 82, up from 73 in the first quarter. However, CEOs cited increasing difficulty finding workers.
“This quarter’s survey marks a remarkable turnaround from a year ago — when CEO confidence reached a nadir of 34 at the height of Covid-19’s first wave,” said Dana Peterson, chief economist at The Conference Board.
A survey for the CEO confidence measure found that 94% of CEOs said business conditions are better compared to six months ago. That compares to only 67% who said the same thing in the first quarter.
CEOs are also seeing a boost in jobs. The second-quarter survey found that 54% plan to expand their workforce compared to 47% in the first quarter. This comes even as more CEOs report difficulty finding qualified workers — the survey found that 57% reported difficulty finding workers in the second quarter compared to 50% in the first quarter.
“Optimism is surging in C-suites and boardrooms across industries,” said Roger Ferguson, Jr., vice chairman of The Business Council and Trustee of The Conference Board. “For CEOs, the challenge is no longer staying afloat, but keeping pace — in particular, with a likely resurgence of the labor shortages experienced before the pandemic.”