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Confidence of U.S. chief executives grows

Monday, July 7, 2003 | 9:40 a.m.

NEW YORK -- The confidence of U.S. chief executives increased in the second quarter to the highest in a year, reflecting an improving outlook for profits, a quarterly survey showed today.

The New York-based Conference Board's business confidence index rose to 60 in the April-June months. That compares with a first-quarter reading of 53, which was the lowest since the final three months of 2001. Chief executives were more optimistic about current economic conditions and the outlook for the economy.

About 65 percent of the 100 chief executives surveyed said they expect their profits to rise. Stronger balance sheets may make it easier for companies to invest in new equipment, which economists say is needed to help the economy strengthen.

"We think the economy is going to pick up," said Edward Caudill, president and chief executive of Fleetwood Enterprises Inc., in an interview. Fleetwood is the largest maker of full-sized motor homes. "People are beginning to feel more comfortable and more confident."

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