The Conference Board released their Measure of CEO Confidence for the first quarter, which is a survey based on CEOs’ perceptions of current and expected business and industry conditions. The responses among the 142 CEOs who participated in the survey during the second half of January showed that CEOs remain cautious about the economy in 2023. Overall, the index came out at 43 and while this is above the 32 seen in the fourth quarter of last year, it is still below 50, which means there were more negative responses than positive. 

What’s the bottom line? Among the notable statistics, 93% of CEOs reported that they are preparing for a recession in 2023, although most think it will be brief and shallow. In addition, 55% of CEOs believe that a global recession is the greatest challenge for their companies. Regarding their plans for hiring, 37% of CEOs expect to expand their workforce over the next 12 months, which is down from 44% in the fourth quarter. Meanwhile, 48% said they are reducing hiring plans, including selective hiring freezes.