U.S. Business Optimism Surges for 2025

Middle market business leaders are showing their strongest economic confidence since 2019, with recession fears dramatically declining, according to JPMorgan Chase's 2025 Business Leaders Outlook survey.

The survey of 1,641 executives found that 65% are optimistic about the national economy, while 75% express confidence in their own companies' performance. Only 14% anticipate a recession, down from 40% in early 2024.

Growth expectations are robust, with 74% of businesses projecting increased revenues and 53% planning to introduce new products or services. However, challenges persist - 46% cite workforce issues as their top concern, and 77% report rising costs.

"Leaders are optimistic and focused on growth for 2025," said Ginger Chambless, Head of Research at JPMorganChase Commercial Banking. "Recession concerns have dropped as businesses, consumers and markets have handled a period of elevated inflation and interest rates better than expected."

The survey was conducted between November 12 and December 4, 2024, among companies with annual revenues between $20 million and $500 million.