Inflation Fears and Labor Woes Dim Optimism on U.S. Economy, AICPA Survey Finds
Labor shortages and mounting inflation fears combined to dampen business executives' outlook on the U.S. economy, according to the third-quarter AICPA Economic Outlook Survey. The survey polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210902005434/en/
Tactics companies are using to hedge against inflation - business executives were asked to choose all that apply. (Graphic: Business Wire)
A bare majority of executives (51 percent) expressed optimism about the U.S. economy over the next 12 months, although that represents a steep drop from last quarter's measure of 70 percent. Survey respondents cited several factors for the decline:
The AICPA survey is a forward-looking indicator that tracks hiring and business-related expectations for the next 12 months. In comparison, the U.S. Department of Labor's August employment report, scheduled for release tomorrow, looks back on the previous month's hiring trends.
The CPA Outlook Index-a comprehensive gauge of executive sentiment within the AICPA survey- now stands at 75, down three points from last quarter. The index is a composite of nine, equally weighted survey measures set on a scale of 0 to 100, with 50 considered neutral and higher numbers signifying positive sentiment.
Other key findings of the survey:
The third-quarter AICPA Business and Industry Economic Outlook Survey was conducted from Aug. 3 to 23, 2021, and included 669 qualified responses from CPAs who hold leadership positions, such as chief financial officer or controller, in their companies. The overall margin of error is less than 3 percentage points. A copy of the report can be found on aicpa.org.
About the Association of International Certified Professional Accountants, and AICPA & CIMA
The Association of International Certified Professional Accountants® (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.
The American Institute of CPAs (AICPA), the world's largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.
The Chartered Institute of Management Accountants (CIMA) is the world's leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer's choice when recruiting financially trained business leaders.
Continental Breakfast - For Paid Conference Pass Holders, Exhibitors, Sponsors, Speakers, Press
IoT Evolution Expo #TECHSUPERSHOW Expo Hall Grand Opening
Keynote Presentation - Open to all Badge Holders