JPMorgan Chase’s 2025 Business Leaders Outlook survey highlights a dramatic shift in sentiment among U.S. mid-market companies, with executives expressing newfound confidence in the national economy. The survey, which polled over 1,600 senior executives from businesses with $20 million to $500 million in annual revenue, reveals that 71% now foresee no recession on the horizon, a stark contrast to last year’s 40%. This shift, from cautiousness to growth, is reflected in executives’ optimism for their own companies, with 75% expecting increased revenue and 65% forecasting higher profits. As businesses move forward, their focus is on driving growth through product innovation, strategic partnerships, and investments.
Despite this national optimism, global economic prospects remain uncertain, with only 29% of executives feeling confident about international markets. Geopolitical tensions, trade uncertainties, and ongoing conflicts have weighed heavily on global sentiment. While the outlook for the national economy has improved, costs remain a significant concern, with 77% of executives reporting rising expenses. These mixed feelings on the global stage contrast with the optimism surrounding the U.S. market, signaling that mid-market companies are gearing up for growth domestically while remaining cautious about external factors that could disrupt their expansion plans.
