Economic optimism wanes among CEOs

When it comes to hiring and spending, optimism among chief executives at some of the nation's largest companies is down. After reaching a two-year high of 95.4 in the April to June period, the Business Roundtable said its CEO outlook index fell to 86.4 in the July to September quarter.

"It may well be that the previous quarter was a little too high and may be coming down to earth during this quarter. That's one possibility," said James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. "It could be related to any number of conditions or how they assess the overall economy. They know their own sales patterns and the like, so they may be responding to how their business fared during the quarter."

The global situation could be another factor, according to Hughes.

"There are a lot of uncertainties particularly in Afghanistan, the Middle East and Ukraine and those external factors can weigh heavily on our corporate leaders," he said.

According to report, fewer CEOs plan to hire in the next six months, while nearly three-quarters expect higher sales as was the case in the second quarter. About 34 percent plan to add jobs. That's down from 43 percent. Only 39 percent plan to boost their capital spending, down from 44 percent.

Despite the recent numbers, the economy is moving along nicely, according to Hughes.

"This is the fourth straight year of reasonably good job growth nationally," Hughes said. "So, I don't think any executive is anticipating a recession going forward, but they may be exhibiting some caution due to any number of factors."

The Associated Press contributed to this report.