The State of the Economy for May 2025

Cybersecurity has become top of mind for Fortune 500 companies, and yet attacks, breaches, and other incidents keep happening. Can companies really prevent cyber risks, and what approach should they be taking?  Join David Young and guest Jay Chaudhry, CEO, chairman, and founder of Zscaler, to find out the three lessons his parents taught him, why Zscaler has a customer obsession, and why zero trust architecture is critical for today's cyber approach.  This Leadership in Challenging Times discussion is featured as a C-Suite Perspectives podcast and a special CED Policy Watch Webcast. Leadership in Challenging Times features timely and insightful discussions with the outstanding CEOs who are recipients of CED’s Distinguished Leadership Awards. Business leader honorees discuss the unprecedented challenges facing the nation and how they are helping chart a path forward for both their companies and communities in which they operate.     For more from The Conference Board:  CED Announces Recipients of Its 2025 Distinguished Leadership Awards  CED Distinguished Leadership Awards Celebration  CED Report on Securing Cyberspace 

Tariffs and stock market movements remained top of mind for consumers in May. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—showed modest improvement overall. Expectations for business conditions and the labor market inched up but stayed in pessimistic territory. The key bright spot was income expectations, which moved into positive territory, supported by a stronger stock market and early signs of progress on a trade deal with China.    Dana Peterson, Chief Economist and Leader of the Economy, Strategy & Finance Center at The Conference Board, sits down with Stephanie Guichard, Senior Economist, Global Indicators, and Erik Lundh, Senior Global Economist, to discuss the outlook for the US GDP, whether consumers are worried about a recession, and how the Fed might handle the current uncertainty.    00:38 Consumer Confidence in May   01:34 Impact of Tariffs and Financial Markets   04:08 Consumer Expectations and Spending   08:21 Inflation and Financial Concerns   13:03 Changes in US and Global Economic Forecasts   21:10 Factors Influencing Future Economic Outlook   22:46 Conclusion and Farewell  

Get insights on the President’s polling 100 days in and how Americans view crucial domestic issues.  The Administration’s approval rating has declined from 51% to 45% since Inauguration Day, but that's relatively in line with historical precedent. What does the President’s polling tell us about the American public today—and how they might vote in the 2026 midterms?  Join Steve Odland and guest Clifford Young, president of polling and societal trends at Ipsos, to explore the President’s polling versus his first term, the nuances of polling on immigration and taxes, and why domestic issues matter more to Americans than foreign affairs.    (00:55) Themes in Recent Polls: Trepidation and the President (02:22) The Administration’s Approval Ratings and Public Perception (07:15) Consumer Confidence and Economic Behavior (13:46) Geopolitical Issues and Immigration For more from The Conference Board:  The Next One Hundred Days—and Beyond: What Lies Ahead  Navigating Washington: Insights for Business  Unpacking 2024’s Election Polling with Ipsos’ Clifford Young 

Can President Trump get Ukraine and Russia to agree on a peace deal? If so, what happens next?     The US administration is pushing for a ceasefire between Russia and Ukraine, but progress has been slow, and success remains uncertain. How likely is a long-term cessation of hostilities, and how could that affect Russia’s military ambitions in Europe?     Join Steve Odland and guest Dr. Lori Esposito Murray, senior fellow for national security and managing director of CEO programs at the Council on Foreign Relations, to find out the major issues prolonging the Russia-Ukraine war, the potential Russian threat to Finland and the Baltics, and the details of the recent US-Ukraine deal on critical minerals.    (01:36) Occupied Regions and Military Tactics (03:05) International Efforts and Ceasefire Attempts (04:48) US and European Support Dynamics (07:06) Russia's Strategic Moves in Europe (10:06) Challenges in Peace Negotiations (11:22) Security Guarantees and Territorial Issues (23:52) Economic Agreements and Broader Implications   For more from The Conference Board:  Analyzing the US-Ukraine Minerals Deal  Three Years of War in Ukraine – and an Extraordinary Week  The Next One Hundred Days – and Beyond: What Lies Ahead 

  As the Trump presidency enters its second 100 days, what should we expect next?     The Trump administration has had arguably the busiest first 100 days since President Franklin Roosevelt’s first term. How will the White House handle the challenges of the next hundred days, including tax legislation, the next phase of DOGE, and pivotal court cases regarding the executive branch’s autonomy?     Join Steve Odland and guest David K. Young, president of the Committee for Economic Development, the public policy center of The Conference Board (CED), on what the coming months hold for the Trump presidency.     Key topics include:  Priorities for upcoming tax reform  The next phase of economic policies and initiatives (including DOGE)  Critical court cases shaping presidential authority and executive branch autonomy     (01:31) Key Policy Areas: Tax and Debt Ceiling (02:38) Understanding Reconciliation and Debt Ceiling Implications (05:05) Tariffs and International Trade Relations (06:38) Geopolitical Tensions and Trade Negotiations (16:42) The Role of the Federal Reserve and Executive Tensions (20:08) Geopolitical Concerns: South China Sea, Taiwan, and More (25:04) Congressional Actions and Budget Considerations   For more from The Conference Board:  The Next One Hundred Days—and Beyond: What Lies Ahead  Navigating Washington: Insights for Business  Reforming the Broken Federal Budget Process 

As HR becomes more strategic, CHROs are building their presence inside the boardroom.     The latest research from The Conference Board shows that chief human resource officers (CHROs) are engaging much more with corporate boards in recent years. How can CHROs continue being a strategic partner while helping companies navigate the future of work?     Join Steve Odland and guests Rita Meyerson, EdD, principal researcher in The Conference Board’s Human Capital Center, and Andrew Jones, PhD, principal researcher in The Conference Board’s Governance & Sustainability Center. They discuss what the CEO-CHRO partnership should look like, how CHROs can improve cross-functional collaboration, and how CHROs are engaging more with boards these days.     For more from The Conference Board:  The Evolving Role of the CHRO in the Boardroom  Seizing the Future as CHROs: A Guide to the 2025 C-Suite Outlook  Productivity Through People: New Opportunities for CHROs 

Consumer confidence plunges to a 13-year low — is a recession next?  Consumer confidence declined for a fifth consecutive month in April, to levels not seen since May 2020. With Americans’ spending comprising 70% of economic growth, what could their growing concerns mean for the US this year?    Three specific expectation components – business conditions, employment prospects and future income – all dropped sharply, reflecting deep pessimism about the future. Crucially, the number of consumers expecting fewer jobs in the next six months was nearly as high as in April 2009, the middle of the “Great Recession.” Americans' concerns about the wider economy are bleeding into worries about their own personal situations.     Dana Peterson, Chief Economist and Leader of the Economy, Strategy & Finance Center at The Conference Board, sits down with Stephanie Guichard, Senior Economist of Global Indicators, and Erik Lundh, Senior Global Economist to unpack how this could shape US and global economic growth this year.    For more from The Conference Board:  US Consumer Confidence Plunged Again in April  Economy Watch Webcast on May 14  Labor Markets Watch on May 21 

Change is constant, and that’s why your business needsa structured change management strategy.     Your business is constantly changing, even if you don’t use the term “change management” to describe it. What does successful change management look like, and how can business leaders do this successfully in a time of uncertainty?     Join Steve Odland and guest Diana Scott, Center Leader of The Conference Board'US Human Capital Center, to learn about change management’s history, how to win employee buy-in, and how HR leaders can help organizations adapt.    (00:00) Introduction to C-Suite Perspectives (00:16) Meet Diana Scott: Change Management Expert (00:51) Understanding Change Management (01:59) The Human Reaction to Change (03:05) Proactive vs. Reactive Change Management (04:14) The Evolution of Change Management (07:13) Implementing Change: Key Steps (13:52) The Importance of Transparency and Communication   For more from The Conference Board:  CHRO Summit: Navigating through a Tsunami of Change  Upcoming Webcast: Change is Changing: How Organizations Can Master Change Management  On Demand: How to Beat the Odds and Succeed When 70% of Organizational Transformations Fail  

e.l.f. Beauty —a 2025 recipient of the Corporate Responsibility Awards— is the only cosmetics brand to have grownits market share for 24 consecutive quarters, all while being a leader in innovation, diversity, and Fair Trade certification.What lessons can other businesses learn from e.l.f.’sembrace of diversity, sustainability, and affordable products?     Join Steve Odlandand guest Tarang Amin, chairman and CEO of e.l.f. Beauty, to find out how e.l.f.aligns its purpose with customer values, how the companyformulatesproducts that are clean, vegan, and cruelty-free, and why e.l.f. wants to make the best of beauty accessible to every eye, lip, and face.    The 2025 Corporate Responsibility Awards, taking place on April 23, celebrates organizations that have moved beyond public commitments to fully integrate responsible business practices into their core strategies, driving measurable, positive impacts on their organizations, stakeholders, and society.    (00:35) Elf Beauty's Mission and History (01:58) Building Brands and High-Performance Teams (02:50) Purpose-Driven Strategy and Values (04:51) Sustainability and Social Impact (12:19) Innovation and Technology in Sustainability (13:58) Global Expansion and Market Strategy (18:19) Supply Chain and Responsible Sourcing (23:25) Continuous Improvement and Future Goals   For more from The Conference Board:  2025 Corporate Responsibility Summit  2025 Corporate Responsibility Awards Dinner  Regulatory Shifts in ESG: What Comes Next for US Companies? 

China is determined to reincorporate Taiwan—raising the stakes for countries and for businesses.     By 2027, China could be militarily capable of taking over Taiwan, backed by the world’s largest navy and a growing air force. What’s next for China-Taiwan relations, and how does their relationship affect Western businesses?     Join Steve Odland and guest Dr. Lori Esposito Murray, senior fellow for national security and managing director of CEO programs at the Council on Foreign Relations, to find out how Taiwan got here, why China could seek to blockade or quarantine Taiwan, and what options are available to the US to deter or counter such threats.    (01:01) China's Military Buildup (03:41) Historical Context of China-Taiwan Relations (04:43) Post-WWII and Civil War Dynamics (07:38) US-China-Taiwan Relations and Policies (09:54) Europe's Stance on Taiwan (12:00) China's Intentions and Taiwan's Response (15:05) Potential Conflict Scenarios (24:02) Business Implications and Conclusion     For more from The Conference Board:  The US-China Trade War Escalates  China, Taiwan, Japan, and the New Administration  The Future of the CHIPS and Science Act