PUBLIC NEWS SERVICE - Optimism is falling and pessimism is rising among businesses getting a read on the U.S. economy, according to a new national survey.
The findings are from the Center for Audit Quality, which gathered
feedback from the nation's leading public company audit firms. The firms
serve clients in a wide range of industries, from retail to mining. The
spring survey showed pessimism about the U.S. economy surged to 44%,
compared to just 10% last fall. Meanwhile, optimism fell to 15%.
Julie Bell Lindsay, CEO of the center, said there are a handful of key factors behind the sentiments.
"Concern about a recession, ongoing geopolitical instability, and tariff
uncertainty," Lindsay outlined. "Those are the top three areas where
audit partners are seeing companies concerned over the next 12 months."
The Trump administration said it remains undeterred in applying
broad-based tariffs in pursuit of fair trade. Financial analysts said
the approach creates less predictability for businesses with the
potential for layoffs, adding some of the tariff polices have resulted
in legal setbacks. White House officials hope tariffs lead to more
domestic manufacturing but experts cautioned it could take years.
Among respondents, 54% said companies in their sectors are reducing
employee headcounts in the current economic landscape but nearly half
also are making an effort to boost the skills of existing staff. Lindsay
added artificial intelligence has major appeal right now.
"The companies in the industries that they audit are mainly pursuing the
use of AI to enhance customer experiences, services and support, as
well as automate some work processes," Lindsay explained.
Despite the Trump administration's interest in cryptocurrency, survey
results show American companies feel the situation is not right yet to
jump into those markets. Of those surveyed, 96% said their clients are
not having talks right now about such investments.
Mike Moen wrote this article.
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