CFOs are more optimistic now about the economy in 2024, according to a survey from the Federal Reserve Banks of Richmond and Atlanta.
Top financial executives on average believe gross domestic product will grow 1.7% this year, a marked upgrade from their 1.3% forecast in August, the Fed regional banks found in a survey of 400 CFOs conducted with Duke University’s Fuqua School of Business.
To better understand how firm activity compares to pre-pandemic norms, the CFO survey asked firms to compare their 2024 expected growth in revenue, prices and employment to growth rates before the COVID-19 pandemic.
The fourth-quarter survey also asked firms about their most recent percent annual increase in total compensation and how it compares to normal.
Almost 60% of firms expect their price growth in 2024 to remain elevated relative to pre-COVID norms. Expectations for compensation growth also remain above what firms consider normal. See more survey results.