CEOs Predict Slower GDP Growth, Cut Back Hiring

Ad Feedback

The debt crisis in Europe is just one reason leaders from America's largest businesses say the U.S. economy is getting weaker.

Executives making up the Business Roundtable group say they now expect the slowest economy since the recession in 2009.

The latest CEO Economic Outlook Survey predicts real GDP will grow by 1.9 percent in 2012, down from last quarter's estimate of 2.1 percent.

"CEOs foresee slower overall economic growth for 2012 and have lower expectations for sales, capital expenditures and hiring compared to last quarter," said Jim McNerney, chairman of Business Roundtable and president and CEO of The Boeing Company.

Many of the CEOs say they have cut back on plans to hire people and spend money in the next six months.

The business leaders are worried Washington won't be able to work out a budget deal on taxes and spending.

The group is also concerned about the slow economy in China as well as Europe.

Log in or create an account to post a comment.  


Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBN News

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.