- Air Force cadets ‘revolt’ after officials remove biblical verse from whiteboard
- Rep. Lee: Paul Ryan out of touch with urban Americans
- House votes down resolution to force Issa to apologize
- Kremlin blocks opposition websites; Kasparov fears Putin plans ‘something drastic’
- Saving trees? EPA wastes $1.5 million storing unneeded pamphlets in warehouse
- Scott Brown Senate bid in New Hampshire may launch soon
- Jeffrey Corzine, son of ex-N.J. governor, dead at 31
- Australian surfing magazine sorry for calling indigenous surfer ‘apeish’
- Records: Man in Fla. theater shooting also was texting
- The Putin problem: U.S. needs Russian rockets for spy satellites
Top business executives see new obstacles to recovery
America's business leaders are losing faith in the economy's ability to produce a strong recovery by the end of the year.
The Business Roundtable's second-quarter Economic Outlook Survey, released Wednesday, saw a decline in optimism from the nation's leading CEOs, with lower expectations for growth in sales, capital spending and hiring.
Boeing Chief Executive Jim McNerney, chairman of the Business Roundtable, and Roundtable CEO John Engler said the downturn in business confidence reflected rising uncertainty created by government regulations, looming budget and tax issues, and the European debt crisis.
These issues are becoming "increasingly persistent obstacles to a stronger recovery," Mr. McNerney said in a statement.
Mr. Engler said in a press call with reporters that the uncertainty facing business owners currently "is pretty lethal." The business group's forecast index dropped to 89.1 in the second quarter from 96.9 in the previous quarter.
While more CEOs still expect the economy to improve in the areas of sales, capital spending and hiring, the number of optimistic business leaders dipped from the first quarter.
Over the next six months, 75 percent of CEOs expect sales to increase, down 6 percent from the previous survey, while 20 percent expected no change and 6 percent expected a decline.
Capital spending over the same period is expected to increase by 43 percent of CEOs, down 5 percent from the previous survey, while 45 percent expect no change and 12 percent expected a decline.
Hiring over the same period is expected to increase by 36 percent of CEOs, down 6 percent from the previous survey, while 44 percent expect no change and 20 percent expect a decline.
The business leaders' survey forecast that real gross domestic product will grow by 2.1 percent in 2012, down from last quarter's estimate of 2.3 percent.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Susan Crabtree is an award-winning investigative reporter with more than 15 years of reporting experience in Washington, D.C. Her reporting about bribery, corruption and conflict-of-interest issues on Capitol Hill has led to several FBI and ethics investigations, as well as consequences for members within their caucuses and at the ballot box. Susan can be reached at email@example.com.
- GOP senators want IG probe of Sebelius' 'Obamacare' fundraising
- Teaming up with Christie, Obama says Jersey shore 'back in business'
- No Moore: Obama flubs name of Oklahoma city devastated by tornado, calls it 'Monroe'
- Obama to Okla. tornado victims: 'We have got your back'
- Amid his own challenges, Obama calls on Navy grads to hold themselves accountable
Latest Blog Entries
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at firstname.lastname@example.org.
- Dysfunction, disarray at Homeland Security management cited in IG's report
- GM's Barra to be first woman to run top American carmaker
- Treasury sells last shares in 'Government Motors'
- U.S. businesses reach out quickly to partners in Iran
- General Motors ending Chevrolet sales in Europe to focus on Opel and Vauxhall
Latest Blog Entries
TWT Video Picks
By Bob Dole
The industrious island has proved itself worthy of U.S. inclusion
- F-35 secrets now showing up in Chinas stealth fighter
- EXCLUSIVE: FBI blocked in corruption probe involving Sens. Reid, Lee
- USS Kidd sent to Indian Ocean after 'indication' of Malaysian jet crash
- Oil rig worker says he saw missing plane go down: report
- College group's diversity event canceled after excluding white people
- Warren Buffett's son to spend $23.7 million in effort to save South African rhinos
- Justice Department refuses info on hundreds of prosecutor misconduct cases
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- Kim Jong-un calls for execution of 33 Christians
- PRUDEN: Sink sank own campaign in Florida special election
Chaos as Manhattan building explodes
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014
Winter storm hits states — again