Editor's note: This article appeared in the January 28, 2009, edition of Quirk's e-newsletter.

The Conference Board Measure of CEO Confidence declined sharply in the fourth quarter of 2008. As of January 16, 2009, the Measure stood at 24, down from 40 in the third quarter (a reading of more than 50 points reflects more positive than negative responses). The survey includes about 100 business leaders in a wide range of industries and is conducted by The Conference Board, a New York nonprofit public interestgroup. CEO confidence is at the lowest level ever recorded since the survey was first conducted in 1976. This is only the second time the Measure has fallen below 30. The last time was during the second quarter of 1980, when it stood at 29.

CEOs' assessment of current economic conditions took a sharp pessimistic turn; none say conditions have improved, compared to 6 percent last quarter. In assessing their own industries, business leaders were equally pessimistic. Only 1 percent claim conditions are better, down from 7 percent in the previous quarter; about 11 percent of expect economic conditions to improve in the next six months, down from approximately 20 percent last quarter; and 12 percent of CEOs anticipate an improvement in the months ahead, down from 17 percent last quarter.