Summing up economic sentiment: Less revenue, more pessimism
Journal of Accountancy Podcast · AICPA & CIMA
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Show Notes
CPA decision-makers in business and industry weren't optimistic at the end of last year, but their outlook grew a bit sunnier as 2023 began. Now, as 2023's midpoint approaches, the outlook of finance executives is again taking on a more pessimistic tone in a quarterly survey. Contraction plans are more common, and projections for revenue and profit have declined.
Ken Witt, CPA, CGMA, AICPA & CIMA's associate director–Management Accounting Research and Development, discusses the results of the Economic Outlook Survey in this podcast episode.
What you'll learn from this episode:
· An overview of second-quarter survey results.
· Why Witt now says that the fourth quarter of 2022 may not represent "the bottom" in terms of sentiment.
· How the high-interest-rate environment is affecting companies.
· Examples of more stringent lending requirements that businesses are facing.
· The hiring outlook and projections for the coming 12 months for revenue and profit.