Survey: 69% of American CFOs See Recession ‘By the End of 2020’

Survey: 69% of American CFOs See Recession ‘By the End of 2020’

Throughout Donald Trump’s presidency, corporate America and its executives have been generally optimistic about the future of the U.S. economy. But things appear to be changing according to the latest Duke University/CFO Global Business Outlook survey released Wednesday. Nearly half (48.1%) of the Chief Financial Officers in the U.S. expect the economy will fall into recession by the middle of 2020, and an overwhelming majority, 69%, are bracing for a recession by the end of 2020, which is when the next presidential election is. The report mirrors the findings of other recent Duke surveys that pointed to 2020 as the end of the recovery from the Great Recession. Morgan Stanley’s economists are predicting a recession by Spring of 2020. “We’re overdue for one of those cleansing recessions,” Duke professor John Graham said. The reason so many CFOs are pointing to 2020 is because of the ongoing and escalating trade war with China, and the consequences from the economic and political uncertainty on business. “Faced with uncertainty, companies may pause by holding off on spending and hiring,” Graham said. “That can turn into a self-fulfilling prophesy.” Per MSN : Shortage of skilled workers Next month, the US economic expansion will become the longest on record, surpassing the 1991-2001 boom that was marked by the rise of globalism and the internet. The unemployment rate is at a 49-year low. But business executives are worried about their ability to continue hiring. Forty-five percent of US CFOs polled by Duke said their top […]

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