The latest Conference Board Measure of CEO Confidence shows a decline in the second quarter after an increase in the first quarter. The index reading fell to 62 from 63 in the prior quarter. Before getting too concerned here, just consider that any reading above 50 reflects more positive than negative responses.

Wednesday’s report reflects only a slightly less confident CEO viewpoint from the first quarter. What stood out in the Conference Board report was that the decline was in both the current and expected conditions. Still, four out of every five expect that profits will increase over the coming year.

The chief executives’ assessment of current economic conditions was 46% claiming that conditions are better, compared to six months ago, down from 54% in the first quarter. Some 48% said that conditions in their own industries have improved, versus 47% last quarter.

Approximately 53% of CEOs expect that economic conditions will improve over the next six months, but this is down handily from the 60% in the previous quarter. Expectations for their own industries are less upbeat, with 46% of CEOs anticipating an improvement, down from 52% in the first quarter.

CEOs view their profits favorably over the next 12 months, with some 80% expecting gains. CEOs in the durable and non-durable industries were the most optimistic, with almost nine out of 10 expecting profits to rise. About 76% of CEOs in the service industry expect an increase in profits.

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