CPA financial executives foresee continuing decline in U.S. economy.

Expectations for the U.S. economy turned sharply negative among senior-level executive CPAs as the outlook for finance, real estate and retail trade declined in the first quarter, according to the latest Business and Industry Economic Outlook Survey of the AICPA and the University of North Carolina's Kenan-Flagler Business School.

For the first time since the AICPA survey began in Dec. 2005, pessimists outnumbered optimists and did so by nearly a five-to-one margin. The economy emerged as the top issue facing lawmakers and U.S. presidential candidates.

A 59% majority of CPA respondents said they were pessimistic or very pessimistic about the economic outlook for the U.S. over the next 12 months. Meanwhile, the new survey found only 11% of CPAs in executive positions expressed optimism about the economy.

A 57% majority said the economic stimulus package...