At Least SOMEONE is Confident!


This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.



Yesterday I noted that the September reading of the Conference Board's Consumer Confidence Index was lower than expected. Today we learn who is actually feeling good–the chief financial officers of US companies! I read about this with great interest in today's FT (subscription required).

In a poll of 262 chief financial officers conducted by Financial Executives International, a corporate finance lobby group, and Baruch College, optimism among respondents came is at 54.2 on a scale of 0-100. While the mid-50's shouldn't blow us away, it was the highest reading since March, 2008, the month of Bear Stearns' failure.

Why are the CFO's feeling better than average Americans? Chances are, these guys ripped through their organizations with hatchets, lopping off every head possible to stave off disaster. Those job losses, combined with massive cuts to every other line item in the budget, helped many firms survive the downturn.

Unfortunately, while consumers are desperately trying to pay off debt and reduce expenses, many have little room to make substantial cuts that significantly improve their lives. Those that have jobs and ample income may feel a bit more upbeat about the economic recovery, but your level of confidence depends on where YOU are, not where the economy is.


(CBS)
Jill Schlesinger is the Editor-at-Large for CBS MoneyWatch.com. Prior to the launch of MoneyWatch, she was the Chief Investment Officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.
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    Jill Schlesinger, CFP®, is the Emmy-nominated, Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.