The Conference Board Measure of CEO Confidence™ in collaboration with The Business Council fell by 26 points in the second quarter of 2025 to 34, the lowest level since Q4 2022. (A reading below 50 reflects more negative than positive responses.) This was the largest quarter-over-quarter decline in the history of the survey, which started in 1976. A total of 133 CEOs participated in the Q2 survey, which was fielded from May 5 to May 19.
Most CEOs anticipated no change in the size of their workforce over the next 12 months. This may reflect ongoing labor shortages and/or increased uncertainty. The share of CEOs expecting to expand their workforce fell slightly to 28%—down from 32% in Q1—while the share of CEOs planning to reduce their workforce ticked up 1 ppt to 28%. Meanwhile, more CEOs reported no difficulty finding qualified workers in Q2 versus Q1. The share of CEOs planning to raise wages by 3% or more over the next year fell sharply to 58%–down from 71% in Q1. CEOs who responded before May 12 were on average planning smaller wage increases than those who responded after May 12.
