Corporate chief executives in the U.S. are more confident that the world's largest economy is on the road to recovery as the job market stabilizes and business investment increases, a private survey found.
The Business Council's confidence gauge climbed to 64.7 this month, the highest level in at least four years and up from 63.2 in October, a report from the Washington group showed. Readings greater than 50 signal economic growth.
Almost 70% of the executives surveyed said employment at their companies would probably remain stable this year, indicating the economy will be slow to recover the 8.4 million jobs lost since the recession began. By contrast, the portion of CEOs who said they would invest more on new plants and equipment doubled to almost 50%.
"These are encouraging signs, even if not all of us believe that the recovery is, as yet, underway," JPMorgan Chase & Co. Chief Executive Jamie Dimon said in a statement for the group of CEOs. "Business looks to be getting back into business -- though there remains much to be cautious about."