USA: know the measures to face high prices 0:58
New York (CNN Business) --
Just a few months ago, optimism among US CEOs hit a record high.
But given persistently high inflation, Russia's invasion of Ukraine and a new wave of Covid-19 in Europe, that rosy outlook has dimmed.
The lobbying group known as the Business Roundtable said Monday that its Economic Outlook Survey of CEOs fell to 115 in the first quarter of the year.
CEOs also indicated a decline in their hiring and investment plans and lower sales expectations.
Economic impact of the war in Ukraine, according to ECLAC 1:54
The group, whose members are the CEOs of major US companies, stressed that despite the drop, the survey still reflects historically strong hiring plans and growth expectations.
But it is important to note that the timing of the survey, between February 22 and March 11, implies that some business leaders shared their sentiments before the full scale of Russia's invasion of Ukraine.
Since the war began on February 24, the economic impact has been widespread.
Among other factors, the West has imposed heavy sanctions on Russia, threatening to cut off supplies of energy, food and other crucial commodities.
And it's not just Ukraine.
The Business Roundtable also acknowledged that continued risk from COVID-19 and rising inflation are creating a period of uncertainty, especially when CEOs are asked about the second half of this year.
Why are covid-19 cases on the rise again in some European countries and in Hong Kong?
The release of the poll results comes ahead of a planned meeting Monday afternoon between President Joe Biden and members of the Business Roundtable at the group's Washington office.
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Josh Bolten, CEO of the Business Roundtable, called in a statement for US policymakers to strengthen the economy during this "period of uncertainty" by maintaining a competitive fiscal and regulatory environment.
Bolten urged lawmakers to tackle inflation by cutting tariffs and boosting trade, encouraging domestic energy production and working with business leaders and unions to address supply chain disruptions.
GM CEO Mary Barra, president of the Business Roundtable, urged Congress to pass a bipartisan bill funding the Chip Act, which aims to fix the computer chip shortage by boosting domestic manufacturing of components.
Inflation