NEW YORK — The Conference Board Measure of CEO Confidence fell from 59 in the first quarter to 47 in the second quarter of 2026. A reading below 50 indicates that more CEOs hold negative than positive views about current and future conditions.
Nearly half of the 141 chief executives surveyed said general economic conditions were worse than they were six months ago, a sharp increase from just 8% in the previous quarter. A third of CEOs reported that conditions in their own industries had deteriorated over the same period, while another third said conditions had improved.
Dana M. Peterson, the chief economist at the Conference Board, said: “CEOs reported that the economy is materially worse now than it was six months ago and expected economic conditions to weaken further over the next six months. Regarding their own industries, CEO assessments about current conditions and expectations in six months deteriorated since last quarter.”
CEOs identified cyber risks, geopolitical risks, and artificial intelligence risks as their top concerns. More than half of respondents said AI would not fundamentally transform their sectors, though nearly a fourth indicated they would need to upskill more than 50% of their workforce within the next two years.
Supply chain issues and energy concerns also rose in importance for business leaders during the second quarter. Despite the dimming outlook, planned business investment remained steady, with most CEOs reporting no changes to their capital expenditure plans.
Roger W. Ferguson, Jr., vice chairman of The Business Council, said: “Planned business investment stayed the course in Q2, as most CEOs cited no revisions to capital investment plans. However, the share anticipating increases to capital spending plans in the next 12 months rose further, while fewer CEOs expect to reduce capex compared to Q1.”
The share of CEOs expecting to increase capital spending over the next year rose compared to the first quarter, while fewer anticipated cuts. Nonetheless, workforce reductions loomed larger: three in 10 CEOs expected to reduce headcount in Q2, up from 27% in Q1. The survey was conducted in collaboration with The Business Council.