July 2025 WSJ/Vistage Small Business Confidence Index Ticks Up Amid Ripple Effects

Current economy: Just over one quarter (26%) of small businesses believe the U.S. economy is worse than a year ago, a 9-point improvement over last month. 43% believe the state of the economy has worsened.
Future economy: Small business leaders are equally divided on the future of the U.S. economy; 33% believe the economy will improve, 32% believe it will remain the same, while 31% believe it will worsen in the next 12 months.
Revenue projections: 56% of small businesses expect increased revenues over the year ahead, which is in line with last month’s expectations. Just 15% expect decreased revenues, unchanged from last month.
Profitability projections: Profitability expectations improved for the third month; 46% of small business leaders expect increased profits, while 22% expect that profitability will worsen over the next 12 months.
Fixed investment plans: Just under a third (32%) of small business leaders expect to increase fixed investments in the next 12 months. Additionally, 19% plan to decrease fixed investments.
Workforce expansion plans: While 12% of small business leaders expect their workforce to decrease in the next 12 months, 45% plan to increase personnel.

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