US chief executives are more optimistic about rising sales and overwhelmingly expect a recovery from the COVID-19 downturn by the end of the year, a survey released on Wednesday showed.
The Business Roundtable reported jumps in expectations for the next six months in all three categories: expected sales, capital spending and hiring.
Seventy-two percent of CEOs said conditions have already recovered or will have recovered by the end of the year. That is an increase from 67 percent in the previous quarter.
The survey is the latest to point to broadening optimism about the economic recovery, while the US House of Representatives on Wednesday approved a US$1.9 trillion fiscal spending package and sent the measure to US President Joe Biden for his signature.
“These survey results suggest that the economy is recovering, which is encouraging news, as there are many American workers, families and communities who are still hurting,” said Walmart Inc CEO Doug McMillon, who is chairman of the organization.
For the US to fully recover, “it’s important that as many people as possible get vaccinated when eligible and continue safety practices,” he added.
Biden’s spending bill includes up to US$1,400 stimulus checks to most Americans, extensions to unemployment aid and a child tax credit for low-income households, among other provisions.
Joshua Bolten, CEO of Business Roundtable, offered measured praise for Biden’s stimulus package.
“We’ve been strongly supportive of a substantial part of what’s in the bill,” he said, but added that he has been “skeptical” of provisions not tied directly to the COVID-19 crisis.
Bolten reiterated his preference for bipartisan legislation and said he hopes an upcoming debate on infrastructure spending can be crafted with input from both major parties.
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