Confidence among chief executives dropped to a record low in the first quarter of this year, a survey by the Business Roundtable revealed on Tuesday, as CEOs expect sales, spending and employment to decline further in the months ahead.

Sentiment on its economic outlook index fell to from 16.5 last quarter to -5 in the first quarter of 2009, the lowest level since tracking began seven years ago. The decline marks a dramatic fall from the relative confidence that executives still enjoyed in the middle of last year when the index hovered in the mid-70s. A reading above 50 signals optimism.