An American Institute of Certified Public Accountants (AICPA) survey has determined inflation fears and a challenging hiring environment continue to impact domestic economic optimism.
AICPA officials said the organization’s fourth-quarter AICPA Economic Outlook Survey garnered feedback from chief executive officers, chief financial officers, controllers, and other certified public accountants in domestic companies possessing executive and senior management accounting roles.
“Inflation, hiring difficulties and the pandemic are all factors in the diminished economic outlook,” said Ash Noah, vice president and managing director of CGMA learning, education, and development for the Association of International Certified Professional Accountants, representing the AICPA and CIMA (Chartered Institute of Management Accountants).
Noah said the AICPA’s survey was conducted before the potential impact of the COVID-19 pandemic’s Omicron variant emerged but acknowledged the pandemic’s repercussions of COVID-19 are unmistakable.
“Almost a third of business executives said they were keeping safety protocols in place longer than expected, and another 15 percent said they continue to have delayed timetables for some reopening plans.”
The survey results showed inflation presently serves as the primary concern cited by respondents. The limited availability of skilled personnel being the next matter of magnitude amid a tight labor market.
Other findings, per the AICPA, found 53 percent of business executives revealed the most difficult positions for their organizations to fill are entry-level jobs; there were 18 percent of respondents who shared their organizations are not increasing business travel to the level anticipated at this point; and global economic optimism about declined to 33 percent, representing a kiss of five percentage points from last quarter.