- According to a Conference Board poll, about 54% of American business leaders said they plan to fire or lay off workers.
- 43% of those polled said they planned to cut wages, salaries or benefits.
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Confidence among US business leaders has plummeted amid the coronavirus pandemic, and more than half plan to fire or lay off workers, according to a new survey.
The survey asked CEOs how the crisis would impact their businesses and how they planned to respond to it.
More than 80 percent said their business was or will be significantly affected by COVID-19.
About 54% said they planned to fire or lay off workers, and 43% said they planned to reduce wages, salaries or benefits.
Four in five executives said they planned to postpone investment decisions, and 43% said they expected cash flow problems.
The survey was conducted from late March to early April by the Conference Board, a business research group.
“In late March, CEO confidence fell to levels not seen since the height of the Great Recession,” said Lynn Franco, senior director of economic indicators and surveys at the Conference Board. “The sharp fall was caused by a dramatic deterioration in sentiment about the current state of the economy. It is therefore not surprising that more than 80% of these executives said that COVID-19 had a substantial impact on their business. “
Many companies have already collectively cut millions of jobs. Unemployment claims in the United States totaled 6.6 million last week.