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You know that general feeling of optimism at the start of every new year? Well, businesses are feelin’ it, too, according to JPMorgan Chase’s 2025 Business Leaders Outlook survey. (Let’s hope that optimism lasts a bit longer than just a few weeks, when so many of us quit on our resolutions and it’s status quo until next year.)
Confidence in the US economy increased 12 percentage points to 55% for small business owners, and more than doubled to 65% among leaders of midsize businesses, according to the survey. Three-quarters of respondents said they were optimistic about their own companies over the coming year.
What’s more, fears of recession have waned, JPMorgan Chase found. Approximately seven in 10 small and midsize businesses said they were either uncertain of or not expecting a recession at all this year.
“Businesses are entering 2025 with positive momentum after navigating a period of elevated inflation and interest rates better than expected,” Ginger Chambless, head of research for commercial banking at JPMorgan Chase, said in a news release. “We’ll be watching closely to see how this optimism extends throughout the year and influences companies’ growth strategies.”
Not everything about the economy is hunky-dory. Inflation is still a big concern, as most businesses said their costs are going up. Midsize businesses said they were concerned about tariffs, US competition, and China’s trade policies. Despite these anxieties, 46% said they plan to expand to new markets in the coming year.
Labor shortages were a concern for 40% of small-business respondents and 46% of respondents at midsize firms. Many said they planned to combat that by increasing pay and benefits and/or offering more flexible work schedules.