Small to midsize business CEO confidence in the economy sunk below 2008 recession levels, according to the June 16 results of Vistage's Q2 2020 CEO Confidence Index. Eighty percent of the 1,392 respondents reported some level of revenue decline.
Hiring has taken a hit in response. Forty-one percent of respondents said they plan to maintain staffing levels, while more than a fifth said they will decrease their workforce headcount, up from last quarter's 9%.
Despite this, 47% of respondents said they think their businesses will regain momentum in six months. Twenty-seven percent said they expect their business "will be stronger than before."