CEO outlook improves dramatically as vaccines roll out

Corporate executives are bullish on their businesses, with increased plans for hiring, spending and sales as vaccines roll out and the economy recovers, according to a Business Roundtable survey released Wednesday.

The quarterly CEO Economic Outlook Index jumped 21 points from last quarter to 107, a significant improvement. The percentage of CEOs saying their companies had already recovered or would by the end of the year rose to 72 percent, a 6-point increase from last quarter.

“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 Doug McMillon, the Business Roundtable chairman and CEO of Walmart.

“Nothing can erase how tough the last year was, but eradicating the pandemic and strengthening the U.S. economic recovery can help us turn the page. For that to happen, it’s important that as many people as possible get vaccinated when eligible and continue safety practices.”

The Business Roundtable was largely supportive of large stimulus efforts from the Biden administration, including the $1.9 trillion relief package expected to pass in the House on Wednesday.

It also sees a major upside to an infrastructure package push, Biden’s next major legislative priority. But the group has been more lukewarm on issues such as raising the minimum wage to $15 an hour, which it says could hurt small businesses in the midst of a downturn.