“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,” said Dana M. Peterson, the chief economist at the research group the Conference Board. “Regarding their own industries, CEO assessments about current conditions and expectations in six months deteriorated since last quarter.”
The CEOs’ perspectives on their own industries were also more pessimistic this quarter. A third said that the conditions in their industries were worse than six months ago and another third said the situation was better.
Three in 10 CEOs expected to reduce their workforce, up from 27% during Q1. More than half of the respondents said AI would not fundamentally transform their sectors, though they are preparing to upskill their workforce. Nearly a fourth of CEOs said they will need to upskill more than 50% of their employees in the next two years.
