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Expand chart
Source: Deloitte; Note: Survey reflects CFO expectations for year-over-year increases in business spending and hiring; Chart: Axios Visuals

Chief financial officers are bracing for an economic slowdown this year, according to Deloitte's quarterly survey of nearly 150 executives at top North American companies.

Why it matters: Multiple surveys showed plunging optimism among top executives last year, thanks largely to trade war uncertainty. Deloitte's survey is a signal that skittishness continues to curb companies' hiring and spending plans this year, which could further hurt economic growth.

Details: Expectations for a U.S. downturn have jumped since the beginning of 2019, with 97% of CFOs saying that a downturn (either a slowdown or a recession) has already begun or will occur by the end of 2020. Compare that to 88% who said the same about 2020 in the first quarter of last year.

  • 43% of CFOs say consumer spending will be strong in 2020, down from the 54% who said the same for 2019. Just 22% expect strong business spending (vs. 32% a year ago).
  • CFOs said "trade wars" and "uncertainty" are their two top company concerns.

Go deeper: Consumers are picking up the lagging business sector's slack

Go deeper

Lawmakers call for Israel-Hamas ceasefire amid aerial bombardments

Combination images of Republican Sen. Todd Young and Democratic Sen. Chris Murphy. Photo: Michael Reynolds-Pool/Getty Images/Greg Nash-Pool/Getty Images

Sen. Todd Young (R-Ind.) and 28 Senate Democrats on Sunday called for a ceasefire between Israel and Hamas as fighting continued into the night.

Driving the news: In the first bipartisan call for a ceasefire, Young, a ranking member of the U.S. Senate Foreign Relations Subcommittee on Near East, South Asia, Central Asia and Counterterrorism, joined its Chair Chris Murphy (D-Conn.) a statement saying: "Israel has the right to defend itself from Hamas' rocket attacks, in a manner proportionate with the threat its citizens are facing.

Bill Gates faces scrutiny over relationship with Microsoft employee, Epstein ties

Photo: Alessandro Di Ciommo/NurPhoto via Getty Images

Representatives for Bill Gates pushed back on claims Sunday that he left Microsoft's board because of an earlier sexual relationship and against two other reports detailing more extensive ties with Jeffrey Epstein than had previously been reported.

Driving the news: Microsoft said in an emailed statement to Axios that it "received a concern" in 2019 that its co-founder "sought to initiate an intimate relationship with a company employee in the year 2000," but denied a Wall Street Journal report that its board members thought Gates should resign over the matter.

AT&T in talks with Discovery to combine media assets

Illustration: Annelise Capossela/Axios

AT&T is in talks with media giant Discovery about merging its media assets, like CNN, TBS and TNT, according to two sources familiar with the discussions.

Why it matters: A potential merger could allow AT&T and Discovery to better compete with entertainment giants like Disney and Netflix in the video streaming wars.