AICPA Survey: Inflation Fears and Labor Woes Dim Optimism on U.S. Economy
Labor shortages and mounting inflation fears combined to dampen business executives’ outlook on the U.S. economy, according to the third-quarter AICPA Economic Outlook Survey. The survey polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles.
A bare majority of executives (51%) expressed optimism about the U.S. economy over the next 12 months, although that represents a steep drop from last quarter’s measure of 70%. Survey respondents cited several factors for the decline:
Inflation fears. More than three-fourths (77%) of executives are now concerned about inflation, particularly regarding raw material and labor costs. Salary and benefit costs are expected to increase at a rate of 3.7%, or…