A recent report by JPMorgan Chase, “2023 Business Leaders Outlook: U.S.,” reveals a decline in economic optimism among U.S. executives, although there is some hope in sight.
JPMorgan Chase’s annual and midyear “Business Leaders Outlook” survey series, which began in 2011, gives executives of midsize companies across all industries in the United States an overview of their opportunities and problems. The latest survey took place between Nov. 29 and Dec. 13, 2022, with 791 respondents completing the online questionnaire.
According to the study, only 8% of leaders of midsize businesses in the United States are optimistic about the global economy, down from 34% last year. But not news is bad — 66% of the executives remain upbeat about their own businesses.
Since peaking in 2018, the proportion of midsize U.S. business leaders who are positive about the national and global economies has progressively decreased.
Despite their pessimism about the broader economy, most executives anticipate growth or stability in 2023 for their own companies.
The Conference Board, Inc. is a global nonprofit think tank and business group. It counts over 1,000 public and private corporations and organizations as members, encompassing 60 countries.
From mid-November to mid-December 2022, The Conference Board surveyed members, inquiring about their local and global economic outlook — 670 CEOs responded. The Board published the results in a January 12, 2023 report, “C-Suite Outlook 2023: On the Edge: Driving Growth and Mitigating Risk Amid Extreme Volatility” (PDF).
According to the study, CEOs have little agreement on when their regions will resume economic growth.