CFOs have grown markedly more hopeful about the U.S. economy over the last few months, with multiple research reports portraying the improved optimism.
Among 230-plus finance chiefs participating in Grant Thornton’s third-quarter poll, 51% said they were optimistic about the health of the economy, a strong step up from 39% in the prior quarter.
The findings are directionally similar to those revealed by the most recent quarterly CFO survey from Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.
As revealed by Grant Thornton’s quarterly survey, the optimism level among CFOs had been falling sharply this year, after peaking at 68% in the fourth quarter of 2024. The deepening pessimism was largely a result of the blitz of tariff announcements by the Trump Administration, Grant Thornton indicated in its survey report.
Now, the report observed, CFOs have adjusted. “Finance leaders have come to understand that tariff uncertainty is a factor they will have to deal with, day in and day out,” said Paul Melville, national managing partner for Grant Thornton’s CFO advisory practice. “They’re even prepared for large fluctuations in what the tariff numbers might be…. [They] understand the pattern for how all this works.”
The recent survey results showed healthy confidence boosts for CFOs across several key areas.
For example, 57% of survey participants reported confidence that they’re meeting their supply chain needs, up 20 percentage points from the second quarter. Cost-control confidence rose 13 points to 50%, and confidence in achieving technology objectives, at 66%, was up 14 points.
Still, the optimism level remains well below its position less than a year ago, and expectations for turbulence remain high, according to Grant Thornton. The report noted that 45% of the recently surveyed finance leaders foresaw a potential for layoffs in the next six months, which was only a slight improvement from the 14-quarter high reached in this year’s second quarter.
Meanwhile, the survey looked at a key current issue for corporate finance, especially tax departments: the impact of the One Big Beautiful Bill Act.
The law, overall, should be beneficial to U.S. companies, but according to Grant Thornton, just 54% of the surveyed CFOs said they’re confident that their tax function understands the benefits.
Companies should avoid looking at the OBBBA’s tax impact in a vacuum, warned Mike Desmond, audit growth leader for Grant Thornton.
“You have to look at the hospitable environment in the U.S. from a tax provisioning standpoint in conjunction with the tariff environment, technology and automation advancements,” Desmond said.
