NEW YORK – Business executive sentiment reflects a growing divide between macroeconomic concerns and own-company optimism, according to the second-quarter AICPA and CIMA Economic Outlook Survey.
While optimism about broader economic conditions softened, confidence in individual organizations continued to edge higher, highlighting a cautious but resilient business outlook.
The survey, which polls chief executive officers, chief financial officers, controllers and other CPAs in executive and senior management roles across U.S. companies, shows U.S. economic optimism declined from 39% in the first quarter to 32%, while global optimism fell to 19%. These declines underscore ongoing challenges around inflation, energy prices and geopolitical uncertainty. At the same time, 49% of executives expressed optimism about their own organizations’ prospects, signaling continued confidence at the company level.
While optimists point to strong underlying fundamentals and expect geopolitical pressures to ease, many leaders remain cautious as external risks continue to shape the broader outlook.
“Shifts in executive concerns underscore this environment,” said Tom Hood, executive vice president of business engagement and growth at the Association of International Certified Professional Accountants, the alliance formed by AICPA and CIMA. “Cost pressures have reasserted themselves.”
Cost pressures have moved back to the forefront, with employee and benefit costs again emerging as a primary challenge, alongside inflation and rising materials, supplies and equipment costs. At the same time, domestic economic conditions have eased somewhat as a top concern, while attention on domestic political leadership has also softened. Availability of skilled talent remains steady, reflecting ongoing workforce challenges, and energy costs have climbed into focus as a newer area of concern.
Cybersecurity continues to gain prominence, while regulatory pressures have moderated slightly. Notably, global economic conditions have reemerged as a concern after falling off in recent quarters. This marks the first time since the second quarter of 2025 that global conditions have returned to the list, pointing to renewed sensitivity around international volatility and the interconnected nature of today’s economic environment.
Challenges remain elevated but are shifting in priority. Domestic economic conditions continue to lead, while cost pressures from labor and materials have intensified, and inflation concerns have eased from prior highs.
Despite these pressures, business leaders are maintaining a steady growth posture. Expansion plans held firm, with 54% of executives expecting growth over the next 12 months. Hiring sentiment also remained largely consistent with recent quarters as talent gaps persist. But fewer executives are hesitant to hire, and more are moving forward with staffing plans, even as a modest increase report having excess staff.
“The data points to a clear divergence. Economic optimism is softening, particularly at the global level, while confidence in individual organizations continues to hold,” Hood said. “That contrast reflects a business environment shaped by external uncertainty but supported by steady underlying fundamentals.”
The AICPA survey is a forward-looking indicator that tracks hiring and business-related expectations for the next 12 months.