Updated Aug 30, 2022 - Economy

CFOs see "pivot shift" ahead as hiring slows

Average domestic hiring growth expectations over next 12 months
Data: Deloitte; Chart: Simran Parwani/Axios

The surge in hiring we've seen over the past year may slow a bit in the coming quarter, one survey indicates.

Why it matters: A slowdown in the overheated labor market could help the Federal Reserve engineer that soft landing we keep hearing about.

What's happening: In a survey released by Deloitte this morning, CFOs predict a 2.6% increase in hiring over the next year — a big slowdown from what they were saying three months ago when hiring growth was at 5.3%.

  • "A bit of a pivot shift," said Steve Gallucci, a managing partner at Deloitte, said of the survey of 112 CFOs.
  • But that's still a higher number than the same time frame in 2019.

Big picture: Deloitte's been surveying CFOs for 13 years, believing that these C-suite execs have a good sense of what's going on in their company, and the economy.

  • In the Q3 survey, CFOs were more concerned about inflation than the possibility of a recession.
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