Piper Sandler’s Chief Global Economist, Nancy Lazare, recently discussed the economic outlook for 2026 on “Making Money,” emphasizing the need for patience and understanding.
A recent report indicates that U.S. business leaders are more worried about economic uncertainty as 2026 approaches compared to their global counterparts. The Conference Board surveyed over 1,700 executives, which included more than 750 CEOs from North America, Europe, and Asia, and identified distinct worries for U.S. CEOs versus those in other regions.
For U.S. CEOs, a striking 43% identified uncertainty as their primary concern, while 35% pointed to recession or recession risks. In contrast, 36% of global CEOs highlighted recession as their main worry, with uncertainty following closely behind at 29%.
Goldman Sachs suggests that, despite a stagnant job market, the U.S. economy is anticipated to experience faster growth in 2026.
“As we transition into 2026, CEOs are grappling with converging forces that may restrict profits and growth. Yet, these same pressures are fueling innovation, prompting many CEOs worldwide to rethink their business models,” explained Dana M. Peterson, the chief economist at the Conference Board.
The survey also touched on employee perspectives. Despite an evident slowdown, American workers seem to retain significant bargaining power. Notably, 27% of U.S. CEOs cite “higher compensation expectations” as a key hurdle in recruitment—this is significantly more than the percentages reported in Asia (19%) and Europe (15%).
Prioritizing business model changes to enhance profitability is critical for U.S. CEOs, with 60% ranking it as a main focus.
Looking towards 2026, measuring return on investment (ROI) in relation to artificial intelligence (AI) is becoming crucial. About 46% of CEOs want to enhance both the quality and quantity of data to gauge ROI effectively. Interestingly, while this is a common priority across the globe, only 33% of CEOs worldwide express a similar focus.
However, U.S. CEOs appear more skeptical about AI’s impact, with 38% anticipating negative ramifications due to social and demographic changes. This sentiment also resonates with global CEOs, where 30% foresee adverse effects, ranking higher than concerns about climate change (17%) and political polarization (26%). AI remains a significant investment priority for 39% of CEOs and is likewise crucial for U.S. supply chain strategies.
The survey further revealed that CEOs across diverse regions view their local areas as vital for expansion. Notably, 53% of respondents highlighted the U.S. and Canada as their top expansion targets.
Cybersecurity threats are among the chief geopolitical concerns, with 54% of U.S. CEOs citing it as a major worry compared to 47% of their global peers. Following cybersecurity threats, geopolitical matters such as armed conflict ranked highly on the list of concerns.
Interestingly, while war isn’t the primary worry for U.S. CEOs, their global counterparts—especially those in Japan and Europe—exhibit heightened concerns regarding potential conflicts in their regions.
