Economic sentiment among CEOs of the country’s largest companies plunged to its lowest level in more than two years as a recession appears increasingly likely, according to a survey.

The combined index of CEO expectations for capital expenditures, employment, and sales hit its lowest level since the third quarter of 2020 in Business Roundtable’s much-anticipated quarterly survey of chief executives. It also marks the first time it has dipped below its long-run average since that quarter.

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