(FORTUNE Magazine) – U.S. business executives finally appear to be getting worried about the Asia crisis' effect on the economy. But not too worried. FORTUNE's business confidence index for mid-January was 152. That's quite a way off from its record high of 195 in November--but still much higher than most pre-1997 readings.

While sorting out the likely positive and negative spillover effects of Southeast Asia's travails on the U.S. economy, 71% of chief financial officers say they are confident about economic growth continuing for the next couple of years. That's down from 77% in December but above the 68% of a year ago, when the prevailing fear was that the Federal Reserve was about to start raising interest rates.

As for business conditions now, 79% of CFOs say their own businesses in mid-January were good or very good, down from 85% last month but above the 76% of a year earlier. And that ain't bad.

--Lenore Schiff