Is the U.S. economy destined for continued growth or heading into recession? It’s a question pondered daily by investors and analysts around the world, but what do business leaders think?
Just 16% of executives responding to the third-quarter AICPA & CIMA Economic Outlook Survey said they expect a recession by the end of 2023, a sharp drop from the 46% who thought so in the previous quarter.
The poll shows growing optimism for the economy with 29% having a positive outlook, still weak, but up from just 14% who thought so in the second quarter. There has also been a rise in their outlook for the global economy, up from 11% in Q2 to 17% in Q3.
"Most of the indicators we track are up this quarter, buoyed by greater prospects for a soft landing for the economy and a sense that inflation may have peaked," said Tom Hood, the AICPA & CIMA's executive vice president for business engagement and growth. "There's still substantial wariness about the economic outlook, however. One strong positive is that half of business executives now expect to see expansion in their organizations over the next 12 months."
While inflation remains challenging, the latest survey saw it slip from the #1 spot to be replaced by availability of skilled personnel, a reflection of the tight labor market, with 39% of executives saying their business has too few employees.
Providing good news for investors, 12-month profit expectations swung from negative (-0.9%) to a narrow positive (0.1%) in the quarter while revenue growth for the next 12 months is now projected to be 1.9%, up from 1.3% last quarter.
Investor confidence has also increased in recent polls including the latest from State Street Global Markets.
Zocks has inked an exclusive partnership with mega-RIA Hightower, while Jump becomes the choice AI operating system for Equitable Advisors' field force.
The agency's proposal to rescind the contentious 2024 Biden-era mandate opens up a 60-day public comment period.
The Carmel, Indiana RIA grew nearly 150% in assets since severing ties with its first backer following a FINRA dispute.
Meanwhile, Raymond James' employee arm adds a defector from D.A. Davidson, and South Carolina-based RIA Ballast Rock Private Wealth recruits a new advisor.
A FINRA arbitration panel sided with a former wealth manager fired over a $642 deli platter and a disputed client event.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.
