The index increased from 101 in July to 124.7 in August, the highest score since it reached 131.8 in the first quarter this year.

RSM said the results imply “market business leaders have regained confidence as overall economic activity stabilized in August and pandemic conditions began to ease.”  Forty-seven percent of respondents said the economy improved in August, with 66 percent expecting it will improve over the next six months.

However, only 3 percent of respondents saw an increase in capital expenditure in August, with 47 percent expecting to boost spending over the next six months. Forty-eight percent of executives said hiring improved in August, while 51 percent expect to do so by the middle of the first quarter in 2021.