US chief financial officers have revealed a 'heightened sense of confidence' towards their country's economy and their own companies in the third quarter. However, they are hesitant to declare a start to the recovery and believe there is a long road ahead, according to a survey by Financial Executives International and Baruch College's Zicklin School of Business in New York. The research indicated clear signs of improvement across the board. The CFO Optimism Index for the US economy jumped significantly from 41.9 in Q2 to 54.2 in Q3, a rating not seen since March 2008. Similarly, CFOs' financial prospects for their own companies soared more than 12 points from last quarter's all-time low of 51.44 to 64.10. Respondents also foresee increases to their companies' financial positions over the next year, which include predictions of an 11% rise in net earnings and a 6% jump in revenue. On which actions in response to the downturn were most effective, 58% of CFOs pointed to a reduction in workforce, followed by retention of talent (22%) and redesigning products to lower cost (21%). John Elliott, dean of the Zicklin School, said: 'For the first time this year, we sense a small sigh of relief. CFOs are demonstrating renewed confidence as they strive to identify the "new normal".'