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CNN Survey: Majority of CEOs Optimistic
May 16, 2011, 06:48 AM
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A recent survey of CEOs from some of the top businesses in the country found the vast majority are optimistic that the economy will improve over the coming year, reflecting a number of other recent studies that have found similar conditions.
The CNN Money survey, which queried 24 chief executives across a number of industries, found all but one to be confident in market conditions and all but one to claim their firm was planning to hire. However, rising commodity prices, such as oil, were noted as substantial hurdles to continued improvement.
"The run up of gasoline and diesel prices is taking meaningful buying power away from consumers. That specific inflation knows no economic class boundary but will affect the lower wage earners the most," David Haffner, CEO of Leggett & Platt, told CNN.
Other executives remained concerned about the growing federal deficit, which Doug Ober, CEO of Adams Express, claimed will devastate the bonds market and rob the dollar of its position as the world's reserve currency, if not dealt with.
Another recent survey of executives on the Business Council found two-thirds plan to hire and expand their operations over the coming year.