Business confidence slips before Sept. 11 attacks
By Furniture Today Staff -- Furniture Today, October 14, 2001
NEW YORK — The Conference Board's Measure of Business Confidence fell to 48 in the third quarter, down four points from last quarter. Responses were taken before the Sept. 11 terrorist attacks.
The survey covers more than 125 chief executives from a wide range of industries.
According to Lynn Franco, director of the Conference Board's Consumer Research Center, "A deterioration in business confidence was under way in the third quarter, and while the survey was conducted prior to the Sept. 11 terrorist attacks, there is little reason to believe we will see a boost in confidence in the fourth quarter."
Fewer than 8% of business executives feel economic conditions are better than they were six months ago, down sharply from 19% in the second quarter. Chief executives rating conditions as worse rose to 70%, up from 64%. In assessing their own industries, fewer than 13% feel conditions have improved, down from nearly 22% in the second quarter.
Looking at the economy over the next six months, chief executives also were pessimistic. Those expecting conditions to worsen increased to more than 20%, up from nearly 15%. In evaluating conditions in their respective industries, about 42% of business leaders expect an improvement, down from 51% last quarter.
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