The Accountants Confidence Index rebounded after four months of decline. Respondents continued to be divided over the likely impact of the Tax Cuts and Jobs Act, trade policies and more on the short- and mid-term potential of the economy -- but a growing number noted that they expect a slowdown in the time frame beyond that.
The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the strength and prospects of businesses in the U.S. The 3-Month ACI came in at 54.75, up from the previous month's 53.5, though both were still well above the 50 mark that separates expectations of growth from expectations of contraction. The 6-Month ACI, meanwhile, came in at 56.54, up from last month's 54.81.
Most of the index components moved modestly upward, with the notable exception of expectations for the short-term of expectations of large-business clients, which were off more than two points.
The ACI is created from a monthly poll of the Accounting Today Executive Research Council, an online community of more than 1,500 tax and accounting professionals.