The confidence of chief executive officers at companies around the country has fallen to a seven-year low, according to a nonprofit research firm that measures executive attitudes about the economy.
The Conference Board's Measure of CEO Confidence, which had declined to 44 in the third quarter of 2007, fell to 39 in the final quarter of 2007. A reading of more than 50 points reflects more positive than negative responses, according to the group. The last time the measure fell below 40 was in the final quarter of 2000 when it fell to 31.
"CEOs confidence in the state of the U.S. economy continues to wither and is now at a seven-year low," said Lynn Franco, director of The Conference Board Consumer Research Center.
"Given continued trouble in the housing and credit markets, persistent volatility in financial markets and increases in energy prices, it's not surprising that confidence has eroded."
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