Economic sentiment among US businesses declined sharply in the first quarter of 2025 amid tariff announcements, and businesses reported a troubling Q2 outlook as they scrambled to navigate the implications of US government policies. The pessimism continues into the second quarter, albeit with a slightly less bearish outlook for the third quarter due to delays in tariff implementation. Under such circumstances, organizations are expected to increase their focus on efficiencies and reduce anything they deem to be nonessential. Our Macroeconomic Outlook, Business Trends, Digital Transformation 2025 survey reviews the impacts of US government policies on organizations, particularly around digital transformation.
We calculate net numbers as the difference between positive and negative responses. Some figures in the report vary from source survey data due to recalibration of results to exclude "don't know" responses.
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