Accountants: Economy in Recession

A survey of CPAs finds most have a grim outlook on the economy.

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The U.S. economy has slipped into recession with little hope of recovery before next year, according to a recent survey of more than 1,000 CPAs and other financial executives.

The survey, conducted jointly by the American Institute of Certified Public Accountants and the University of North Carolina, found 62 percent of respondents said they were pessimistic or very pessimistic about the economy in the year ahead, a five percent increase from a similar survey earlier this year. More than half said they believed the ailing economy had already slipped into recession.

Despite the grim outlook, nearly 40 percent said they remained optimistic about their own company's growth.

"It is hard to see much good news here," Mark Lang, an accounting professor at the University of North Carolina who helped prepare the survey, said in a statement. "There were some hopeful signs in last quarter's survey suggesting that the economy might be bottoming out, but weakness persists across the board," he said.

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