A third of CEOs plan to axe jobs over the next year—and a majority now say they'll pass on new tariff costs to their customers

CEO confidence has rebounded in Q3 , with recession fears easing sharply—but hiring plans remain muted as firms brace for Trump’s tariffs and focus on cost cuts. A record share now plan workforce reductions, and 93% are turning to AI or automation to offset rising costs, while most expect to pass price hikes on to consumers.

American CEOs are feeling slightly more confident as they enter the second half of 2025—but not optimistic enough to grow their headcount as they worry about headwinds from President Trump’s tariff plans.

The Conference Board released their U.S. CEO Confidence report for the third quarter Thursday, finding that CEOs have stepped back from the peak level of uncertainty they experienced in Q2.

For example, last quarter 71% of CEOs were preparing for a recession w