More than half of U.S. CFOs anticipate the economy will be in a recession within a year, with optimism at its weakest point since 2016 as deteriorating prospects for earnings and difficulty finding qualified workers weighed on companies.

Some 53 percent expect the economy will be in a downturn by the third quarter of 2020, while 67 percent see a recession occurring by the end of that year, according to the Duke University/CFO Global Business Outlook released Wednesday. The report showed an index of sentiment dropped to 62.6 in the third quarter from 65.7. The survey was based on responses from 225 U.S. firms.

By comparison, economists surveyed by Bloomberg see a 35 percent chance of a downturn within 12 months.

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