98% of CEOs Preparing for US Recession — Confidence at Lowest Level Since Great Recession – Economics Bitcoin News

According to the Conference Board, 98% of Chief Executives surveyed prepare for a U.S. Recession while 99% are ready for an EU one. “CEO confidence sunk further to start Q4 and is at its lowest level since the Great Recession,” the organization said.

98% of US CEOs Are Expecting a Recession

The Conference Board has published the Measure of CEO Confidence. This non-profit, global research group has more than 1,000 members representing public and private companies and organisations in over 60 countries.

The Measure of CEO Confidence is “a barometer of the health of the U.S. economy from the perspective of U.S. chief executives,” The Conference Board described, adding that its Q4 survey was conducted between Sept. 19 and Oct. 3 and a total of 136 CEOs participated.

“The recent survey asked CEOs to describe the economic conditions they are preparing to face over the next 12-18 months,” the board described, adding:

An overwhelming majority — 98% — said they were preparing for a US recession. Furthermore, 98% of CEOs stated that they are preparing for a US recession.

Dana M. Peterson, chief economist of The Conference Board, commented: “CEO confidence sunk further to start Q4 and is at its lowest level since the Great Recession.”

Roger W. Ferguson, Jr., vice chairman of The Business Council and Trustee of The Conference Board, opined: “CEOs are now preparing for near-inevitable recessions in both the US and Europe. While the vast majority still expect the US recession to be short and shallow, nearly 7 in 10 believe the EU will enter a deep recession with serious global spillovers.”

Many have predicted the U.S. will fall into a recession. Jamie Dimon CEO at JPMorgan said that recession could come in six months, and that the stock market might drop as much as 20%. He warned of an imminent economic crisis in June and advised the public to prepare. In August, the JPMorgan boss doubled down on his warning, cautioning that “something worse” than a recession could be coming.

Citadel CEO Ken Griffin stated last month that while inflation might have reached its peak, a recession was on the horizon. “We’re in a very uncertain time for investors,” Griffin stressed. Tesla CEO Elon Musk also believes that we will have “a mild recession for 18 months.”

The U.S. economy could slide into recession is another concern of lawmakers. Senator Elizabeth Warren (D-MA) said in August that she is “very worried” about the Federal Reserve raising interest rates and tipping the U.S. into recession.

How do CEOs prepare for the U.S. recession? Leave your comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.