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American CEOs are finally feeling more upbeat about the US economy, with the mood turning more positive for the first time in two years. Notably, the latest survey marks the first time the gauge has returned a positive reading since the first quarter of 2022. More CEOs also say they expect to expand their workforce in the next 12 months. Additionally, the percentage of leaders holding a bleak outlook for the economy dropped from 47% to just 27%. A resolution to the current military conflicts, AI advancements, and potential rate cuts were listed as the biggest potential positive developments for global business in 2024.
Persons: Roger W, Ferguson, Jr, Major Organizations: Business, Conference, Federal Reserve Locations: Israel, Ukraine, Russia, China
New York CNN —US business leaders are feeling more bullish about the direction of the economy — even as their worries about the upcoming presidential election mount. The survey found 36% of CEOs expect economic conditions to improve in the short term, up significantly from 19% last quarter. In another sign that recession fears are ebbing, just 27% of the CEOs expect economic conditions to worsen over the next six months. However, business leaders are growing concerned about how the political situation could impact their businesses. About one-third (32%) of the CEOs report economic conditions to be better than six months ago, up from just 18% at the end of last year.
Persons: That’s, ” Roger Ferguson Organizations: New, New York CNN, The Conference, Conference Board, Business, Conference Locations: New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEOs are finally starting to feel the general momentum in the economy, says Roger FergusonRoger Ferguson, The Business Council vice chairman, The Conference Board trustee and former Fed Vice Chairman, joins 'Squawk Box' to discuss the latest results from the CEO confidence survey, why company executives are more optimistic on the state of the economy, and more.
Persons: Roger Ferguson Roger Ferguson Organizations: The Business, Fed
Read previewClaudia Sahm, the former Federal Reserve economist who developed the Sahm Rule recession indicator, believes the US economy will likely avoid a downturn this year. We solved the labor shortage by getting more labor," Sahm said. "The foreign-born labor force has made a disproportionate contribution to reducing the jobs-workers gap. This has been driven by two factors: above-trend immigration growth and greater foreign-born labor force participation," said Jan Hatzius, the chief US economist at Goldman Sachs, in an August 2023 client note. "Growth in the foreign-born labor force has accelerated by 50k to 160k per month this year, lifted by a surging foreign-born labor force participation rate," Hatzius added.
Persons: , Claudia Sahm, Sahm, doesn't, Jan Hatzius, Goldman Sachs, Hatzius, Jerome Powell, Powell Organizations: Service, Federal Reserve, Business, National Bureau of Economic, US, Labor, Board, Bureau of Labor Statistics, Fed Locations: flatlining
That has prompted President Joe Biden to repeatedly ask his advisers: Why then are so many Americans still not feeling great about the economy? While inflation has eased in recent months, prices on most goods are still higher than they were in the spring of 2021. Still, Biden’s economic advisers are increasingly telling the president in private that they feel optimistic about the direction things are headed. Historic-high prices that plagued the first few years of the Biden administration continue to moderate, all while economic growth is outpacing expectations. If those trend lines continue, they have cautiously told Biden, consumer sentiment, too, should begin to course-correct.
Persons: Joe Biden, Inflation, Biden, ‘ Sir, we’ll, , , SSRS, Donald Trump, , ” Biden, – we’re, – Sen, Bob Casey of, greedflation Organizations: Washington CNN, CNN, White, University of Michigan, Conference Board, New York Times, UBS Global Wealth Management Locations: Columbia , South Carolina, America, Bob Casey of Pennsylvania, Las Vegas, American
This past week alone, Boeing and UPS called workers back to the office five days a week. A survey by the Conference Board found few U.S. CEOs saying they will prioritize bringing workers back to the office full time in the year ahead. Jotform, an online form-building platform with about 660 team members, recently made the decision to require employees to be in the office five days a week. A December Resume Builder poll of 800 business leaders found that 8 in 10 companies will track employee office attendance in 2024. In some cases, companies are also finding it difficult to crack down on lower-level employees because higher-ups also aren't complying.
Persons: it's, Elliott Sprecher, Morgan Chase, Davis Polk, What's, Laura Putnam, Henry Nothhaft, Betsy Henning, Finn, Putnam Organizations: Boeing, UPS, Conference Board, IBM, Google, Skadden, Finn Partners Locations: Slate, RTO
Late last year, Wall Street investors had bet that a rate cut in March was a near-certainty. Collectively, the policymakers likely feel little urgency to start cutting rates, a point that Chair Jerome Powell may stress in a news conference Wednesday. The unemployment rate, at 3.7%, isn't far above a half-century low. Yet some cracks have begun to appear in the job market and, if they worsen, could spur the Fed to cut rates more quickly. Though the European Central Bank could cut rates as soon as April, many economists think that might not happen until June.
Persons: Joe, Biden, Jerome Powell, they’re, , Subadra Rajappa Organizations: WASHINGTON, Federal Reserve, Republicans, Congress, Wall Street, Consumers, General Motors, United Auto Workers, Conference Board, European Central Bank Locations: U.S, United States
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. AdvertisementMeanwhile, on Monday, a Hong Kong court ordered the liquidation of China Evergrande, the world's most indebted real estate developer. "I expect that the Chinese market will bounce around, but that the bias is towards more pain since the problems are systemic in my opinion," Laffer Jr. said. "The US on the other hand should do well for the 2024 period — strong economy, strong employment, strong earnings, strong dollar."
Persons: , That's, Arthur Laffer Jr, Laffer, Xi Jinping, Joseph Seydl, you've, Seydl, didn't, Alfredo Montufar, Helu, China Evergrande Organizations: Service, Real, Business, International Monetary Fund, Investments, JPMorgan Private Bank, Conference Board's China Center, CSI, Bloomberg Locations: China, US, Beijing, backtrack, deleverage, Hong Kong
There's been a surge in short-term spending, and fewer Americans are worried about a recession. AdvertisementAmerican consumers, fresh off strong holiday spending, are feeling more confident than they have in two years. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose for the third straight month, to 114.8 in January from 108 in December. The index measuring Americans short-term expectations for income, business, and the job market rose to 83.8 from 81.9 in December. Solid consumer spending propelled the growth, capping a year that had begun with widespread expectations of a recession but instead produced a healthy expansion.
Persons: There's Organizations: Conference Board, Consumers
U.S. President Joe Biden delivers remarks at the St. John Baptist Church in Columbia, South Carolina, on Jan. 28, 2024. The White House cheered the Conference Board report on Tuesday showing consumer confidence rising to its highest level in more than two years. Consumer confidence reached its highest level since December 2021, and was up more than 30% since its April 2020 low of 85.7. The Conference Board's consumer confidence index rose for a third straight month to 114.8 in January, up from a revised 108 in December 2023. Despite the increasing consumer sentiment, just 33% of voters approve of Biden's handling of the economy, according to CNBC's All-America Economic Survey in December.
Persons: Joe Biden, Lael Brainard, Donald Trump, Biden's, Trump Organizations: St, John Baptist Church, Economic, Biden Administration, America Economic Survey, CNBC, Biden, Trump, CNBC PRO Locations: Columbia , South Carolina
That's according to a new paper that looks at how RTO mandates impact productivity and performance. If RTO mandates are hard to enforce, they probably don't make sense for that workplace. RTO mandates were more common for firms with "male and powerful CEOs." The authors found no significant impact of RTO mandates on stock returns or firm profitability. RTO mandates have divided many offices nationwide, including at leading tech and financial companies.
Persons: , Nick Bloom, RTO, Bloom, Danielle Organizations: Service, Katz Graduate School of Business, University of Pittsburgh, Amazon, Federal Reserve Bank of San Francisco, Stanford, The Conference Board Locations: Glassdoor
The business group’s consumer confidence index rose to 114.8 from a revised 108 in December. The present situation Index – a measure of current business and labor market conditions – surged to 161.3 from 147.2 last month. And it comes as the Federal Reserve is meeting in Washington to set interest rate policy, with economists forecasting the central bank will hold interest rates steady. But, he adds, “The Fed’s not going to change” at its first meeting of 2024 that began on Tuesday and do anything other than hold interest rates steady for the fourth meeting in a row. The index often leads other consumer sentiment surveys by two to three months, says Legal Shield CEO Warren Schlichting.
Persons: , Dana Peterson, Stephen Rich, Melissa Brown, Jerome Powell, Gene Goldman, Warren Schlichting, Schlichting, it’s Organizations: Conference, Mutual of America Capital Management, Federal Reserve, Investment Management, , Labor Department, ADP Locations: U.S, Washington
Microsoft, Alphabet (Google), Meta, Amazon and Apple are all due to report this week. A few hours after the Treasury announces, the Fed will also conclude its two-day meeting, the first of 2024, and issue a statement on interest rates. “They are determined to avoid making the same mistake twice.”The week ends with Friday’s monthly jobs number for January. Rounding out the week will be a report on consumer sentiment from the University of Michigan. The final reading for January is expected to show consumers feeling happier about the state of the economy and inflation.
Persons: , Richard de Chazal, William Blair, Jerome Powell, , Powell, Bill Adams, ” Adams Organizations: Microsoft, Federal Reserve, Conference Board, Consumers, Labor Department, Treasury, Reserve, Comerica Bank, Fed, University of Michigan
Washington, DC CNN —A slew of economic news this week will make it much clearer if the Federal Reserve will cut interest rates in March. The Labor Department is due to release four crucial assessments of America’s job market, gauging labor demand, wage growth, productivity and hiring. Wages and the Fed on Wednesday: The day after, the Labor Department releases its Employment Cost Index for the fourth quarter, a comprehensive measure of employers’ labor costs. The US Labor Department releases December data on job openings, quits, hires and layoffs. The US Labor Department releases its Employment Cost Index for the fourth quarter.
Persons: that’s, , Christian Scherrmann, Jerome Powell, ” Michael Feroli, , ” Feroli, Powell, Alicia Wallace, Joe Brusuelas, Jerome Powell’s Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Labor Department, DWS, Labor, Survey, Fed, Employers, PCE, Federal, Commerce Department, RSM, Whirlpool, Microsoft, UBS, HCA Healthcare, General Motors, Cleveland Cliffs, Mondelez International, JetBlue Airways, Global, US Labor Department, Board, National Bureau of Statistics, Novo Nordisk, Mastercard, Novartis, Boeing, ADP, Nasdaq, Nomura Holdings, Apple, Shell, Honeywell, Deutsche Bank, Clorox, Quest Diagnostics, United States Steel, Bank of England, P Global, Institute for Supply Management, Exxon Mobil, AbbVie, Regeneron Pharmaceuticals, University of Michigan Locations: Washington, Marathon, Cleveland, Chevron
After beating Nikki Haley in New Hampshire on Tuesday, Donald Trump reaffirmed his position as the leading candidate to win the Republican nomination. That has business leaders facing the possibility of another Trump presidency, and their investors trying to figure out what it could mean for their bottom lines. During Blackstone’s quarterly earnings call on Thursday, an analyst wanted to know if uncertainty over who would win a likely Biden-Trump matchup could freeze deal flow. (“At the end of the day, do you think he’s going to be more interested in attacking the A.C.A. or something else?” he said of a potential Trump presidency.
Persons: Nikki Haley, Donald Trump, Trump, , Jonathan Gray, Ralph Andretta, Jeff Arnold, , Lori Esposito Murray Organizations: Republican, Biden, Trump, Economic Development, Conference Board Locations: New Hampshire
"For those of you younger than us who did not live through the Tech Bubble of the late 1990s, you are now living through Tech Bubble 2.0. As a reminder, the NASDAQ fell about 80% when that bubble burst in the mild recession of the early 2000s," Wolfenbarger said. AdvertisementThere is evidence that backs up Wolfenbarger's bubble claims, starting with fairly standard valuation measures like the Shiller cyclically-adjusted price-to-earnings ratio. While it's not as high as it was during the dot-com bubble, it's higher than it was in 1929 — and is at one of its most elevated levels in history. Bank of AmericaAs for what will finally deflate the bubble, Wolfenbarger is expecting a recession to hit the US economy.
Persons: , Microsoft —, Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, it's, America's Michael Hartnett, Louis Fed Wolfenbarger, Jeremy Grantham, Adam Karr, Orbis Investment Management Karr, It's Organizations: Service, Apple, Nvidia, Microsoft, Business, JPMorgan, ClearBridge, Tech, NASDAQ, ClearBridge Investments Bank, America's, Bank of America, Bank of America's Global, Institute for Supply Management's Manufacturing, Orbis Investment Management, Global Fund, Federal Reserve Locations: Japan
Combine that with a steady pace of monthly job gains, a historically-low unemployment rate of 3.7%, and inflation under 4%, and it looks like a soft landing is in view. But according to a list of recession indicators from ClearBridge Investments, a downturn is still likely in the months ahead. The Conference BoardThen there's wage growth, which is also declining at a pace typically seen in recessionary environments. On a three-month moving average basis, median wage growth has fallen to 5.2% in December 2023 from 6.7% in August 2022. With the economy holding strong in recent months, consensus has swung heavily back in favor of a soft landing.
Persons: Jeff Schulze, Schulze, Louis Fed, Louis, That's Organizations: Business, ClearBridge Investments, Fourth, Institute for Supply Management, Federal Reserve, Treasury, Louis Fed
A forward-looking gauge of economic activity continued to soften in December, though the overall rate of decline improved in the last six months of 2023. The Conference Board’s Leading Economic Index fell by 0.1% in December, below expectations, yet contracted by 2.9% over the past six months, down from 4.3% for the prior six-month period. “Despite the overall decline, six out of 10 leading indicators made positive contributions to the LEI in December. Moreover, other recent economic data – consumer sentiment, retail sales and jobless claims – has been positive and consistent with an expanding economy. The Fed indicated then that members of its monetary policy committee favored at least three cuts in rates this year.
Persons: LEI, Justyna, , , , Shaan Raithatha Organizations: The Conference, Congress, Federal, Commerce Department, Vanguard, Fed Locations: U.S, Wells Fargo
Now, as a new week unfolds, the debate is shifting to how strong the economy performed at year-end and whether 2024 will also bring good tidings. Recent inflation data has shown prices are trending back toward the central bank’s target of 2% annual inflation. The Fed will have its first meeting of 2024 late this month after holding interest rates steady at its December meeting. A stronger economy or a hotter-than-expected reading on inflation might push the first cut into the second half of the year. Another important piece of the economic puzzle will be the leading economic index from The Conference Board, due out Monday.
Persons: ” Christopher Rupkey, , Wells Fargo Organizations: Federal Reserve, Fed, Conference Board Locations: COVID
Boards are most likely to have mandatory retirement age policiesHaving a mandatory retirement policy for board members is up to the discretion of individual companies. “In 2023, 69% of [S&P 500] boards reported having a mandatory retirement policy — down one point from 2022,” according to an August 2023 report from executive search firm Spencer Stuart. Many other public safety occupations do have mandatory retirement ages. The whys behind mandatory retirement agesThere may be varied stated reasons for having a mandatory retirement age, such as opening up the pipeline for younger talent to have more opportunities. For that reason, advocates for older workers, like the AARP, contend all mandatory retirement ages should be eliminated, even for demanding jobs involving public safety.
Persons: Al Gore, Russell, , Berkshire Hathaway’s Warren Buffett, Spencer Stuart, , Matteo Tonello, Tonnello, Tonello, Brian Cornell, Dave Calhoun, Thomas McKinney, McKinney, , Mary O’Neill, ” O’Neill Organizations: New, New York CNN, Former, Berkshire, Conference Board, Corporate America, The Conference Board, Boeing, American College of Surgeons, Capitol Police, U.S ., Personnel Management, Commission, AARP Locations: New York, Corporate America, Corporate, Calhoun, Castronovo, McKinney, , New Jersey, , Federal, New York State
"However, the decline in full-time employment suggests recession risks are higher than thought." Here's the drop in wage growth Roberts mentions. At the moment, CEO confidence isn't great, Roberts pointed out, which could mean further trouble ahead for employment growth. AdvertisementA warning sign for stocksWhile it will take time for the labor market outlook to become clear, Roberts said stocks are already flashing signs of trouble. But that view became less popular in the second half of 2023 as the labor market proved resilient month after month amid Federal Reserve rate hikes, and inflation dropped to under 4%.
Persons: , Lance Roberts, Roberts, St, Louis Fed, it's Organizations: Service, RIA, Business, Bureau of Labor Statistics, Conference, Federal Reserve
Some executives say AI could be used to replace some jobs in the future, according to a new survey. Half of CEOs surveyed think AI might be used to replace jobs at their companies. AdvertisementBusiness leaders across the world are still experimenting with AI technologies , but many think their companies might eventually use those tools to replace jobs. AdvertisementTo be sure, just because a company's executives think AI could be used to replace jobs doesn't mean this will end up happening. Experts disagree on what degree AI will be used to replace jobs and which workers are most vulnerable .
Persons: , Bill Gates, aren't Organizations: Service, Conference Board, Business
Some CEOs expect at least a five percent reduction in employees in 2024 thanks to AI, PwC found. Leaders in media, banking, and insurance are most likely to expect AI job replacement, study shows. Workers should learn how to use AI on the job to reduce company costs, PwC's AI lead told BI. When it comes to generative AI, many CEOs said they see adopting the technology as an opportunity to increase revenues and boost efficiency. "Some of those efficiency benefits appear likely to come via employee headcount reduction — at least in the short term — with one-quarter of CEOs expecting to reduce headcount by at least 5% in 2024 due to generative AI," PwC said.
Persons: PwC, , Bret Greenstein, Greenstein, Goldman Sachs, Kristalina Georgieva Organizations: Workers, Service, The Conference Board
Davos Welcomes Global Elites to Solve World’s Problems
  + stars: | 2024-01-14 | by ( Tim Smart | Jan. | At A.M. | ) www.usnews.com   time to read: +4 min
Political, business and other elites will gather once again Monday for the World Economic Forum’s 54th annual meeting in the Alpine hamlet of Davos, Switzerland, to tackle the thorniest of problems, from war to inequality to climate change. The forum is not without its own controversy, having been pegged over the years as a haven for globalists and ruling elites. This year’s conference comes on the heels of a report released Wednesday by think tank The Conference Board detailing findings from a survey of global business leaders, which showed a global economic downturn and inflation are among the top concerns of CEOs worldwide. With Russia’s war in Ukraine and the Israel-Hamas conflict raging on, global political instability also topped the list of things keeping corporate leaders awake at night. Meanwhile, global growth is expected to slow to 2.4% in 2024, according to a report from the World Bank released on Tuesday.
Persons: Bill Clinton, Donald Trump, Nelson Mandela, Jacques Yvez, Tony Blair, Bill Gates, Rupert Murdoch, Bono, Antony Blinken, Li Qiang, Ursula von der Leyen, Emmanuel Macron, Javier Milei, Antonio Guterres, , , Andres Cadena, Elon Musk, Gayle Markovitz, ” Markovitz, Economists Organizations: corporate titans, McKinsey, Republican, White, Trump, World Economic, World Bank Locations: U.S, Israel, Davos, Switzerland, Argentine, China, Ukraine
The biggest risks US businesses face in 2024
  + stars: | 2024-01-14 | by ( Bryan Mena | ) edition.cnn.com   time to read: +11 min
But, while businesses have plenty to be grateful for and much to be optimistic about, the coast isn’t clear. Last week, surveys from the National Federation of Independent Business (NFIB) and The Conference Board detailed the biggest risks that businesses are currently worried about. Here are some of the biggest risks for American businesses in 2024. Those financial stresses can reduce the willingness of banks to lend to others businesses and also to consumers,” she said. Bank earnings look really bad this quarter.
Persons: there’s, , John Maynard Keynes, , ” Dana Peterson, Bill Dunkelberg, ” Peterson, ” Suzanne Clark, We’re, Mike Johnson, Chuck Schumer, Fitch, Clark, JPMorgan Chase, Nicole Goodkind, Krystal Hur, FactSet, Martin Luther King Jr, Morgan Stanley, Goldman Sachs Organizations: CNN Business, Bell, DC CNN, Federal, National Federation of Independent Business, Board, US, of Commerce, of American, Conference Board, Conference, CNN, Fed, Corporate, US Chamber of Commerce, chamber’s State of American, AAA, Moody’s Investors Service, US Chamber, Commerce’s, Google, Citigroup, Bank, JPMorgan, FactSet, Revenue, Profit, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, Bank of America, FDIC, Citi, China’s National Bureau of Statistics, Alcoa, National Statistics, US Commerce Department, US Labor Department, Federal Reserve, University of Michigan, National Association of Realtors Locations: Washington, Wells, Corporate America, chamber’s State, BlackRock, Amazon, Argentina, Japan
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