FOR IMMEDIATE RELEASE

June 18, 2025

CONTACT: Jennifer Cummings • 202-496-3249

Business Roundtable CEO Economic Outlook Index Declines Further in Q2

CEOs Report Downward Shift in Plans and Expectations for Next Six Months as Uncertainty Persists

Washington – Business Roundtable today released its Q2 2025 CEO Economic Outlook Survey, a composite index of CEO plans for capital spending and employment and expectations for sales over the next six months.

The overall Index dropped by 15 points from last quarter to 69, well below its historic average of 83. The decline is the result of decreases in all three subindices, driven by a downward shift in CEO plans and expectations, most notably in the employment subindex.

“The quarter’s survey results signal that Business Roundtable CEOs are approaching the next six months with caution,” said Business Roundtable Chair Chuck Robbins, Chair and Chief Executive Officer of Cisco. “The results underscore the urgent need for Congress to pass pro-growth tax legislation that preserves our globally competitive tax system. This will help boost American innovation, investment and economic opportunity.”

The Survey’s three subindices were as follows:

Plans for hiring decreased 19 points to a value of 35.
Plans for capital investment decreased 15 points to a value of 65.
Expectations for sales decreased 11 points to a value of 107.

“Driving this quarter’s decline in the Index is broad-based uncertainty, arising substantially from an unpredictable trade policy environment,” said Business Roundtable CEO Joshua Bolten. “Extending and enhancing tax reform is critical, but it is not sufficient. American businesses also need the Administration rapidly to secure deals with our trading partners that open markets, remove harmful tariffs and provide certainty for investment.”

This quarter’s survey was in the field from June 2 through June 13, 2025. In total, 169 CEOs completed the survey.

About the Business Roundtable CEO Economic Outlook Survey

The Business Roundtable CEO Economic Outlook Survey, conducted quarterly since the fourth quarter of 2002, provides a forward-looking view of the economy by Business Roundtable member CEOs. The survey is designed to provide a picture of the future direction of the U.S. economy by asking CEOs to report their company’s expectations for sales and plans for capital spending and hiring over the next six months. The data are used to create the Business Roundtable CEO Economic Outlook Index and sub-indices for sales, capex and hiring. These indices are diffusion indices that range between -50 and 150 – where readings at 50 or above indicate economic expansion, and readings below 50 indicate economic contraction. A diffusion index is defined as the percentage of respondents who report that a measure will increase, minus the percentage who report that the measure will decrease. The diffusion indices here are then normalized by adding 50 to the result.

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Business Roundtable is an association of more than 200 chief executive officers (CEOs) of America’s leading companies, representing every sector of the U.S. economy. Business Roundtable CEOs lead U.S.-based companies that support one in four American jobs and almost a quarter of U.S. GDP. Through CEO-led policy committees, Business Roundtable members develop and advocate directly for policies to promote a thriving U.S. economy and expanded opportunity for all Americans.

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