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Take Away From JP Morgan Study

JP Morgan Chase Study

This week we’ll review a new JP Morgan study of business leaders and their outlook for the next year. Even if their projects are gloomy they also don’t see it as the end of the world. Inflation appears to the be number one issue. 66% are optimistic about their own company’s performance.

JAN 05, 2023

Optimism about the economy has plummeted among midsize business leaders in the United States, according to our 2023 Business Leaders Outlook survey. Only 8% have a positive outlook about the global economy today; a year ago, that number stood at 34%.

Attitudes about the national economy also have changed. Roughly one-fourth (22%) are optimistic about the U.S. economy this year, down sharply from 50% in 2022. Notably, 65% of business leaders in the United States said they expect a recession in 2023. 

Inflation continues to be an issue, with the overwhelming majority (91%) of leaders saying their costs are rising. In response, more than 80% of businesses have passed a portion of their higher costs onto consumers and buyers.

But the news isn’t all doom and gloom. Most leaders (66%) are still optimistic about their own company’s performance. Nearly 90% expect to add or keep employees. And supply chain challenges have eased somewhat: 39% said it has gotten easier over the past 12 months to source materials and ship goods.

2023 Business Leaders Outlook: U.S.  
Our survey shows a sharp fall in optimism about the economy as recession fears loom—but there is some hope on the horizon.