Chief executives’ confidence in the economy fell further in the first quarter, setting a second consecutive all-time low, according to a Business Roundtable survey released Tuesday.

In a sign that businesses and workers have more worries ahead of them, more than two-thirds of CEOs surveyed said they planned more layoffs and cuts to capital spending in the next six months, as they brace for lower sales.

The quarterly CEO Economic Outlook Index fell to negative 5 — the first negative reading in the survey’s six-year history — and down from a fourth-quarter reading of 16.5. A reading below 50 means CEOs expect contraction rather than growth.

The CEOs, who were polled between March 16 and March 27 – during the recent rally in U.S. stocks – said they now expect real U.S. gross domestic product to decline 1.9 percent this year. That is below their December forecast, which anticipated flat GDP.

The majority of CEOs – 71 percent – said they expected to cut their U.S. workforces over the next six months and 66 percent said they expect to reduce capital spending. That came as 67 percent said they expect lower sales over that period.

Business Roundtable member companies together employ almost 10 million people and generate about $5 trillion in annual revenue.