The Federal Reserve Bank of Richmond, the Federal Reserve Bank of Atlanta and Duke University’s Fuqua School of Business published third quarter CFO Survey results showing that financial executives remain generally optimistic about the U.S. economy and their companies. Optimism increased among large companies but declined among small and financially constrained firms. Of the 517 executives surveyed, 20% of small firms reported financial constraints that prevented them from covering costs or pursuing new business opportunities, compared with about 10% of large firms. A smaller share of companies plan capital investment over the next six months than two quarters earlier. While most firms without investment plans said they did not need additional capacity, a growing share cited unfavorable financing conditions and higher liquidity needs. Interest rates and possible future increases were a leading concern for 20% of respondents. Demand and hiring expectations remained stable, with about 90% of companies expecting demand over the next year to match or exceed the prior year and only 12% reporting unfilled vacancies or layoffs. More than half of that 12% attributed workforce reductions to financial constraints.
2026-09-23Federal Reserve Bank of Richmond
Federal Reserve Bank of Richmond survey finds broad CFO optimism but mounting pressure on small and financially constrained firms
The Federal Reserve Bank of Richmond’s third quarter CFO Survey found broad optimism but increasing strain among small and financially constrained firms. One-fifth of small firms reported constraints that prevented them from covering costs or pursuing new opportunities, while fewer companies planned near-term capital investment. Demand and hiring expectations remained broadly stable.