Donald Trump claims the economy is great, but most businesses aren't buying it. Their confidence in the economy has dropped sharply.
The following is part of an article by Hugh Cameron in Newsweek:
Business leaders' confidence in the U.S. economy has halved since the beginning of the year, according to JPMorgan Chase & Co., as companies grapple with the impact of President Donald Trump's tariffs and broader geopolitical uncertainties.
The financial services firm's latest Business Leaders Outlook Survey, released Wednesday, found that optimism for the economy fell to 32 percent in June from 65 percent in January. Additionally, 25 percent of respondents said they expect a recession to occur at some point this year, up from only 8 percent in January. . . .
JPMorgan's survey was conducted between June 4 and June 18, drawing responses from over 700 owners and executives representing middle-market businesses, defined as those with annual revenues ranging from $20 million to $500 million.
Four in 10 (44 percent) reported delaying their business plans to some extent this year, with 74 percent citing "policy uncertainty" as the reason for this decision. Of this group, 37 percent cited market volatility and shifts in customer demand, while 35 percent listed geopolitical events as a contributing factor.
Overall, the challenges highlighted by business leaders included uncertain economic conditions (55 percent), tariffs (41 percent), and revenue and sales growth (41 percent). . . .
The New York-based think tank noted that this was the steepest quarterly decline in the survey's 48-year history.
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