The vibes are surprisingly good in some corners of society. The NBA Finals has Knicks fans dancing in the streets. Early successes like The Devil Wears Prada 2 and Backrooms are promising lead-ins to the summer blockbuster season. Oh, and the May jobs report was surprisingly strong.

But not everyone is feeling so cheery. Quite the opposite, in fact.

Small businesses were more pessimistic in May and maintained historically high feelings of uncertainty, according to the National Federation of Independent Business’s (NFIB) latest Small Business Economic Trends report.

NFIB’s business optimism index fell 0.6 points from April to 95.3 in May, and its uncertainty index rose three points to 91—which is “well above” the survey’s historical average of 68. The indices were based on survey responses from roughly 500 NFIB members, the majority of whom had nine or fewer employees.

To boot, fewer small businesses said they planned to increase headcount and make capital expenditures in May than in April. A net 3% of respondents said they expect the economy to improve, one percentage point lower than April. (The net is calculated by subtracting the percentage of owners who gave a negative response from the percentage that responded positively.)

Economist Bill Dunkelberg calls the overall economic picture “divided.”—AZ

The demands on the CFO have only gotten more complex over the years, and some CFOs are worried they and their teams are falling behind.

That’s according to EY’s Global DNA of the CFO survey, which drew on responses from more than 1,600 CFOs and senior finance leaders across 28 countries in February and March. The survey found that “leadership capabilities are not keeping up with the fast-changing demands of the CFO role.” More than a third (38%) of respondents said “they are evolving faster than their leadership teams across the wider finance function.”

“The capabilities of finance teams are not keeping pace with the fast-evolving demands of the CFO role. CFOs are increasingly expected to operate as strategic leaders who can shape value and guide investment decisions but their ability to do this effectively depends on the strengths of the wider team,” EY Global Strategy and Markets Leader Myles Corson said in a statement.

“Without the right skills, finance teams will struggle to influence high‑stakes decisions, and the ability of CFOs to truly impact organizational progress will be limited,” EY Organization and Workforce Transformation Leader Meg Paschall added. “There’s also a very real risk that, if leadership skills across finance functions do not advance fast enough, [the] future CFO talent pipeline won’t be as strong, placing the CFO role in jeopardy.”

Why most finance teams are still lagging behind with AI.—DL

Airlines have spent years trying to get passengers to pay for checked bags, seat selection, and even a bottle of water. Now companies are staring down a cost that’s harder to charge for: soaring fuel prices.

According to the International Air Transport Association, average jet fuel prices are expected to be a whopping 70% higher than a year ago, pushing the industry’s fuel bill up by $100 billion.

That surge could cut global airline profits in half this year, to just $23 billion. North American carriers are still projected to generate a large share of those earnings at $9.4 billion, though that’s down sharply from $12.4 billion last year.

A tale of two carriers. The pain will be felt most acutely by airlines with thin balance sheets and those operating in the Gulf region, where conflict has disrupted routes and demand. Budget carrier Spirit Airlines became an early casualty, suspending operations last month, while European carriers including EasyJet, Lufthansa, and Ryanair warned that rising fuel costs could weigh on already-slim profits.

More from Brew Markets on which airlines are feeling the pain.—SY

Skip the noise and cut to the jobs that matter. CollabWORK curates openings from top employers and shares them directly in trusted spaces like CFO Brew—click here to see the full list for readers like you.

• Controller at Tutor Perini
• Corporate Controller at Continental Resources
• Vice President, Tax at CyrusOne
• Director of Accounting at Arvato Bertelsmann
• Vice President of Finance and Chief Financial Officer - Office of the President at Carnegie Mellon University