Unconfident CEOs

US CEOs’ confidence reached a multi-year low in April as they digested the uncertainty around and impact of tariffs on their business and the economy. Current business conditions have not been this bad since the spring of 2020 when the Covid-19 pandemic hit. In January, 84% of 329 surveyed CEOs expected an increase in revenue over the next 12 months. That has decreased to 49% in April. In addition, 44% of CEOs now expect a decrease in revenue up from 9% in January. Current conditions have become so poor that a sizeable portion of CEOs expect them to improve. In fact, 51% expect an improvement 12 months out, up from 39% in March. As Dutch footballer Johan Cruijff used to say: “Every disadvantage has its advantage.”

Source: Chief Executive, April 2025.