Pessimism about the U.S. economy among chief financial officers and senior-level executive CPAs eased in the second quarter, according to the results of the AICPA/UNC Kenan-Flagler Business and Industry Economic Outlook Survey.

Fifty two percent of CPA executives expressed pessimism about the U.S. economy over the next 12 months, a decline of 30-percentage points from the first quarters all-time high of 83% of respondents who had said they were pessimistic or very pessimistic. Optimism rose in the current quarter to 19%, up from only 5% of respondents who had said that they were optimistic about the U.S. economy three months ago. Twenty eight percent were neutral on the U.S. outlook in the latest survey.

Respondents still expect the downturn to last until 2010. Forty percent expect a recovery in the first half of 2010, consistent with 41% in the previous quarters survey who didnt expect recovery to begin until the first half of 2010. Similarly, 19% dont expect recovery until the second half of 2010, again stable with results in the first quarter when 20% predicted recovery in the second half of 2010. Twenty eight percent said they expect a turnaround sooner in the second half of this year.

Customer demand and access to capital/cost of capital were the top two challenges facing companies. Collecting receivables and employee health care costs tied for third place as a top challenge to businesses. You can view the detailed survey results on the AICPAs Financial Management Web site and the survey press release in the AICPAs Online Media Center.