Chief Executive magazine reports that their monthly CEO Confidence Index took a nosedive in October after Congress approved the $700 billion financial bailout plan. (CEO Confidence Level Plummets to Historic Low)
The CEO Confidence Index plummets 42.3 points to a record low of 58.2 points in October, based on a polling of 309 business executives by Chief Executive magazine. Executives were surveyed between October 7 and 23, following the approval of the bailout plan.
Since the inception of the survey in October 2002, there has never been such a sharp decline in all five indices simultaneously. Moreover, in a tremendous contrast to last month where the Business Condition Index, which measures current business temperament among executives, experienced the highest gains amongst the five indices, it dropped 65.6 percent to 36.9 points.
“We have seen precipitous decline in CEO Confidence since last summer, but we have never seen confidence drop so sharply and dramatically during one polling cycle,” said Edward M. Kopko, CEO and publisher of Chief Executive magazine.
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