Across the country, chief executives lost confidence in the national economy for the second quarter in a row. After dropping to 70 points in the second quarter of 2004, the collected confidence rating dropped yet again to 63 points in the third quarter. The number looms dangerously close to the 50-point threshold of a positive economic outlook. In the short term, only half of CEOs expect the economy to improve over the next half-year.

Despite the gloomy trend, almost one third of all CEOs have still pursued increases in capital spending plans so far this year in response to higher sales volumes. Only a scant 6 percent recorded a reduction in capital spending. Numbers were compiled by the Conference Board, which tracks about 100 CEOs from various industries.

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