More than half of US chief executives plan layoffs and furloughs as their confidence drops to levels not seen since the Great Recession, survey says

• About 54% of US chief executives said they planned to lay off or furlough workers, according to a survey by The Conference Board.
• 43% of those surveyed said they planned to reduce wages, salaries, or benefits.
• Visit Business Insider's homepage for more stories.

US chief executives' confidence has dropped sharply amid the coronavirus pandemic, and more than half are planning to lay off or furlough workers, according to a new survey.

The survey asked chief executives how the crisis would impact their businesses, and how they plan to respond.

More than 80 percent said their business has been or will be substantially impacted by COVID-19.

About 54% said they planned to lay off or furlough workers and 43% said they planned to reduce wages, salaries, or benefits.

Four out of five executives said they planned to postpone investment decisions and 43% said they expect to face cash-flow problems.

The survey was conducted from late March to early April by The Conference Board, a business research group.

"In late March, CEO confidence declined to levels not seen since the height of the Great Recession," said Lynn Franco, senior director of economic indicators and surveys at The Conference Board. "The sharp fall was driven by a dramatic deterioration in sentiment about the current state of the economy. So it comes as no surprise that more than 80% of these executives said COVID-19 has substantially impacted their business."

Many companies have already collectively cut millions of jobs. US unemployment claims totaled 6.6 million last week.