US chief executives’ confidence has dropped sharply amid the coronavirus pandemic, and more than half are planning to lay off or furlough workers, according to a new survey.
The survey asked chief executives how the crisis would impact their businesses, and how they plan to respond.
More than 80 percent said their business has been or will be substantially impacted by COVID-19.
About 54% said they planned to lay off or furlough workers and 43% said they planned to reduce wages, salaries, or benefits.
Four out of five executives said they planned to postpone investment decisions and 43% said they expect to face cash-flow problems.