Risk managers appear to be warily optimistic about the U.S. economic recovery, the latest reading of the Risk Index from The Global Association of Risk Professionals shows.

The quarterly reading dropped five points to 108, its lowest point since it was created at the beginning of 2010. In the latest survey of risk managers, 620 responded.

The index’s measure of systemic risk, or how the economy suffers major crises, fell five points to 110.

The only risk of growing concern is commodity prices, whose risk-weighted contribution to the Index increased 3.5%. Managers expressed particular concern over energy commodities.

“The Index this quarter is our most positive to date, reflecting a sense of global economic recovery,” said Chris Donohue, managing director of the GARP Research Center. “However, risk managers around the world remain on high alert regarding the commodities market. Their continued concern in this area, specifically around energy commodity prices, reflects the concern that many Americans are experiencing with the rise of consumer oil prices.”