U.S. CEOs more confident on economy, survey shows

Washington - Confidence among U.S. chief executive officers in the first quarter climbed to the highest level in almost three years, a private survey shows.

The Young Presidents' Organization said Wednesday that higher expectations for the economy, sales and labor market helped push up its Global Pulse Index of U.S. sentiment to 65.1, the strongest since the survey began in July 2009, from 62.2 in the prior three months. Readings greater than 50 show the outlook was more positive than negative. The Dallas-based group's gauge of sales in the coming 12 months advanced to 71, the highest since records began, from 67.8 in the previous quarter.

Fifty-six percent of the executives surveyed said the economy would improve in the next six months, up from 51 percent in the prior period. More optimism among businesses may help encourage faster growth in payrolls, which grew in April at the slowest pace in six months.

"Confidence among U.S. CEOs shrank in the second and third quarters of last year in response to a variety of factors, but that has changed over the past two quarters," Stephen Slifer, YPO Global Pulse economic adviser and chief economist at NumberNomics, said in a statement. "GDP is growing again."