Economic Update

On Wednesday, June 23, President Barack Obama held a press conference at which he gave prepared remarks on the situation in Iran, and on legislation moving through Congress relating to clean energy and health care reform. During the Q&A that followed, questions were raised on these issues, as well as on the state of the economy and the administration's recently issued financial regulatory reform plan. You can read the full transcript of the press conference (including the Q&A); we provide a few brief highlights from the press conference on the subject of the economy, and the Republican response, here.

In related news on the economic front, just-released results of the FEI-Baruch College 2nd Quarter 2009 CFO Outlook Survey revealed that the CFO optimism index showing confidence in the U.S. economy improved for the first time in over two years; however, CFO confidence in their own companies' prospects declined to its lowest point in the history of the 11 year-old survey. CFO's surveyed forecast an end to the recession by 2011. Complete survey results can be obtained from the Financial Executives Research Foundation (FERF) bookstore.

FERF, the research affiliate of FEI, also recently released FEI's 2009 audit fee survey. The survey showed a 2.2% increase in total audit fees at public companies, and a 3.7% increase in total audit fees at private companies.