CFOs rank monetary tightening as their leading business concern, with 40% of companies cutting spending due to higher interest rates, the Federal Reserve Banks of Richmond and Atlanta found in a third-quarter survey.
According to the CFO survey, the benchmark interest rate increased to the top CFO concern for the first time in more than a decade, nudging challenges in hiring and retaining workers into the second spot.
The survey also found that employment growth will accelerate to nearly 4% in 2024 from about 1% this year, and gains in wages, prices and unit costs will slow. Revenues will likely rebound, rising more than 6% next year compared with 3% in 2023. Learn more.