Amidst an unprecedented global pandemic and disruptions to the economy, more than one in two business leaders (53%) expect their companies to return to normal in the next 12 months, according to JPMorgan Chase’s Business Leaders Outlook Pulse Survey. The majority of business leaders remain hopeful in the face of adversity: while most (83%) are running at a reduced capacity, 68% are confident their businesses will thrive and just 2% are concerned their businesses may not survive.
Looking ahead to the next six months, more than half of business leaders (56%) are optimistic about their companies, but confidence dwindles on broader levels. Approximately one in three respondents are optimistic about the local economy (33%) and national economy (35%), while confidence in the global economy is considerably lower at 17%.
“It’s been incredible to witness the resilience, flexibility and innovation of America’s businesses during an extraordinarily difficult year for all people around the world,” said Jim Glassman, head economist, JPMorgan Chase Commercial Banking. “From speaking with business leaders across the country, it’s clear that some of the most agile companies are gaining market share, particularly in industries like technology and e-commerce.”
As a result of this year’s disruptions, these are the top five actions business leaders are taking:
While many business leaders are cautiously optimistic about the future, they’re faced with the realities of an unpredictable operating environment. Their top three challenges are:
Businesses should keep the following considerations top-of-mind in navigating the remainder of the year:
For more information on the 2020 Business Leaders Outlook Pulse Survey, please visit jpmorgan.com/2020-midyear-outlook.
JPMorgan Chase’s Business Leaders Outlook survey was conducted online from June 22-29, 2020 for middle-market companies with annual revenues between $20 million and $100 million. In total, 524 business leaders in various industries across the U.S. participated in the survey. The results of this survey are within statistical parameters for validity, and the error interval is +/-4.3% at a 95% confidence level.
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