Corporate executives and money managers have grown increasingly pessimistic about the economy as growth around the world slows.
Survey shows a majority of U.S. CFOs believe that the country will be in a recession within one year.Money managers believe central bank stimulus will continue to be needed.A survey of 225 chief financial officers by Duke University shows pessimism on the U.S. economy has been growing steadily this year, despite record low unemployment and a strong consumer.
The findings parallel a similarly pessimistic outlook from the monthly Bank of America/Merrill Lynch Global Fund Manager Survey, out Tuesday. That survey of over 100 global managers found that 38% expect a recession next year, the highest net recession risk since August, 2009. Fund managers continue to expect low growth and low rates and believe central bank stimulus will continue to be needed.
Graham acknowledged that the U.S. economic data remained strong, and cautioned that pessimism, while high, was not at extreme levels. But the CFOs seem to be saying that a strong U.S., by itself, may not be enough to save the day: "It's just not clear right now what part of the world economy is strong enough to pull the rest of the world along with it."
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