CFOs Report Increased Optimism as Uncertainty Fades
The outlook for the U.S. economy among financial decision-makers improved somewhat in the third quarter of 2025, as uncertainty declined. However, concerns about the impact of tariffs on prices and business performance continued to weigh on firms.
Revisions to The CFO Survey Data
CFO Survey data from Q2 2020 to Q4 2025 have been revised in accordance with an annual revision process. Revised historical data are available for download. Comparisons of revised and previously published estimates are also available.
Historical special question results are unrevised and available on archived quarterly results pages.
For more information on the annual data revision process, please refer to The CFO Survey Methodology.
Special Questions on Price and Cost Expectations
When asked if price or cost expectations for 2025 and 2026 had been affected by the implementation of tariffs or uncertainty around tariffs/trade policy, almost half of firms said yes.
46.5 percent of firms said price expectations were affected, while 49.6 percent said the same for cost expectations.
For additional discussion of these results, visit our Research & Commentary section.
Special Questions on Hiring and Capital Spending
Roughly 20 percent of firms reported that trade/tariff policy would negatively impact their hiring plans in 2025 and a quarter reported that it would negatively impact their capital spending plans. Firms reported being least concerned about corporate tax policy.
The majority of firms reported that they plan to hire for either replacements or new positions in the remainder of 2025.
Of the roughly 15 percent of firms who said they were not filling open positions or were laying off workers, the majority of firms cited demand uncertainty and financial constraints as the reason.
Special Questions on Demand
The third quarter survey also asked firms how they expect demand for goods and services over the next 12 months to compare to the past 12 months. About half of firms expect demand to increase, and a third expect demand to remain the same.
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