CEOs of America’s biggest companies just lowered their economic forecasts

The CEOs of America’s biggest companies just lowered their economic growth forecast for the year
PUBLISHED 2 HOURS AGO | UPDATED 2 HOURS AGO
Ylan Mui
@YLANMUI https://twitter.com/ylanmui

KEY POINTS
— The Business Roundtable said its members forecast U.S. economic growth this year will clock in at 2.3%, down from last quarter’s estimate of 2.6%.
— The group, whose chairman is J.P. Morgan CEO Jamie Dimon, blamed tension with China and the stalled free-trade agreement with Mexico and Canada for its members’ downbeat assessment.
— This quarter’s survey asked members to rate the impact of the trade war on their businesses over the past year. More than half of executives reported a somewhat or very negative impact on sales.

The chief executives of the nation’s biggest companies downgraded their outlook for the U.S. economy amid uncertainty over the trade war and slowing global growth, according to a new survey released Wednesday.

The Business Roundtable said its members now forecast growth this year will clock in at 2.3%, down from last quarter’s estimate of 2.6%. In addition, its indexes of hiring, capital investment and sales all declined.

“This quarter’s survey shows American businesses now have their foot poised above the brake, and they’re tapping the brake periodically,” Business Roundtable President Joshua Bolten said in a statement. “Uncertainty is preventing the full potential of the economy from being unleashed, limiting growth and investment here in the U.S.”

The Roundtable, whose chairman is J.P. Morgan CEO Jamie Dimon, blamed tension with China and the stalled free-trade agreement with Mexico and Canada for its members’ downbeat assessment.

Read more: Capitalism is in crisis, and business leaders know it
https://www.cnbc.com/2019/09/04/capitalism-is-in-a-moment-of-crisis-and-business-leaders-know-it.html

This quarter’s survey asked members to rate the impact of the trade war on their businesses over the past year. More than half of executives reported a somewhat or very negative impact on sales, while 40% of manufacturing CEOs said capital investment took a hit. The group found almost no company reported a positive impact.
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Read more: https://www.cnbc.com/2019/09/18/america-top-ceos-lower-economic-growth-forecast-for-the-year.html