A recent survey of 133 US CEOs reveals a sharp decline in economic confidence, with the CEO Confidence Index plummeting 26 points to 34 in the second quarter of 2025, marking the largest quarterly drop since the survey began in 1976 and the lowest level since the fourth quarter of 2022. Only 27% of executives expressed confidence in the economic outlook for the next 12 months, down from 47% in the first quarter and 67% in the fourth quarter of the previous year. The survey also found that 83% of CEOs anticipate a recession in the US within the next 12 to 18 months, a level comparable to 2022. Among these, 12% expect a deep recession with significant global spillover effects. The top business risks identified by CEOs include geopolitical instability (59%), trade and tariffs (58%), and legal and regulatory uncertainty (53%). These findings suggest growing concerns about economic conditions and potential widespread corporate layoffs in the near term.