On December 17, 2025 The CFO Survey was released. It contains a variety of statistics regarding how CFOs view business and economic conditions.
In the CFO Survey press release, I found the following to be the most notable excerpts – although I don’t necessarily agree with them:
The top concern among U.S. CFOs remains tariffs, though their extent of concern is smaller than it was last quarter. Other top five concerns include demand for products and services, labor quality and skills mismatch, monetary policy, and inflation.
also:
Real GDP growth is expected to increase by 1.9 percent in 2026, nearly the same as last quarter’s 12-month-ahead forecast. The CFO Optimism Index for the overall economy has softened somewhat, falling from 62.9 last quarter to 60.2 this quarter (on a scale from 0 to 100). Own-firm optimism has fallen among large companies.
The CFO Survey contains an Optimism Index chart, with the blue line showing U.S. Optimism (with regard to the economy) at 60.2, as seen below:
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It should be interesting to see how well the CFOs predict business and economic conditions going forward. I discussed past various aspects of this, and the importance of these predictions, in the July 9, 2010 post titled “The Business Environment”.
(past posts on CEO and CFO surveys can be found under the “CFO and CEO Confidence” label)
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I post various economic forecasts because I believe they should be carefully monitored. However, as those familiar with this site are aware, I do not necessarily agree with many of the consensus estimates and much of the commentary in these forecast surveys.
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 6721.48 as this post is written
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