(FORTUNE Magazine) – With stock markets dipping, oil climbing, and a number of high-profile companies issuing profit warnings, you might think the mood in America's executive suites would be gloomier. But despite the odds, FORTUNE's Business Confidence Index headed up in October. It was the first positive move in three months--and demonstrates that CFOs are feeling significantly better than they were a year ago. The latest poll, conducted from Sept. 16--27, shows that 73% of CFOs say they're confident that U.S. economic growth will be sustained over the next two years, compared with only 47% a year ago. Still, that confidence didn't translate into aggressive spending plans. -- Douglas G. Elam

The FBCI is based on a survey of financial executives at FORTUNE 1,000 companies. The index is compiled from responses to a series of questions about business conditions.