Chief executives have not been this sour on the economy since the once-in-a-century pandemic, with significant downgrading expectations for hiring, investment and sales growth. By the numbers: The Business Roundtable's CEO Economic Outlook Index fell by 15 points to 69, a drop that brings the index well below its historical average of 83. It remains above the level that signals an economic recession. The index decline is a result of tepid expectations for the months ahead, most notably on the hiring front. The employment subindex plummeted by almost 19 points, with more than 40% of CEOs expecting to shrink their workforces in the next six months " up from the roughly 30% who said the same last quarter.