(DURHAM) -- The latest quarterly survey of Chief Financial Officers finds shrinking optimism.  Duke University Finance professor John Graham said 44 percent of U.S. CFOs said they are more pessimistic about the economy now compared with three months ago.

"Really the number one driver is just weak economic demand.  Unless people are buying your product you're not going to want to expand and your view of the economy kind of gets a little bit sour," said Graham.

Hiring is expected to increase by 1.5 percent in the next year, down from greater than 2 percent growth in the last 2 surveys.  The survey is conducted by Duke University and CFO Magazine.