The fourth-quarter AICPA & CIMA Economic Outlook Survey reveals that business leaders have shown an increase in optimism regarding the US economy following the recent presidential election.
The survey, which targeted CEOs, CFOs, controllers, and other senior accounting roles, revealed a shift in sentiment.
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Two-thirds of business executives expressed optimism about the economy’s prospects over the next year, marking a 41% point increase from the previous quarter.
This is claimed to the highest level of optimism recorded since early 2020, when it was at 74% before declining due to pandemic-related disruptions.
The outlook on the global economy also improved, with optimism rising from 19% to 41% quarter over quarter.
Inflation has emerged as the top concern for businesses, while domestic political leadership, previously a significant worry, has fallen out of the top ten concerns.
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By GlobalDataRevenue growth expectations have more than doubled to 3.3%, while profit projections increased to 2.2% from 0.2% last quarter.
Optimism about individual organisations also rose, with 53% of executives expressing a positive outlook, up from 41%.
Additionally, 57% of respondents anticipate business expansion in the next year, compared to 44% previously.
The percentage of executives reporting insufficient staffing increased from 29% to 38%, with one in five ready to hire immediately.
Employee and benefit costs, the availability of skilled personnel, and staff turnover remain key concerns for employers.
AICPA & CIMA business engagement and growth executive vice president Tom Hood said: “Business executives say they’re looking forward to less regulation and more favourable tax policies and we’re seeing that optimism translate into higher profit expectations and revenue estimates.
“Our first quarter 2025 survey, once the new administration’s policies actually begin to be put in place, will offer insight into whether the enthusiasm is sustainable or not.”
In October 2024, a report from CPA Canada and the American Institute of Certified Public Accountants highlighted a risk for Canada in the field of artificial intelligence.
