A tight U.S. labor market, continued inflation and uncertain monetary policy were among the leading issues challenging the middle market in fiscal 2025. Throughout the year, RSM stayed ahead of the conversation with timely perspectives from its growing team of economists and industry analysts.
Covering topics ranging from tariffs to interest rates and the U.S. dollar, U.S. Chief Economist Joe Brusuelas led RSM’s economic perspectives, backed by U.S. Economist Tuan Nguyen and Canada Economist Tu Nguyen, who both hold doctorates in economics. Their near- and longer-term insights helped clients, media and other stakeholders navigate what remained a volatile economy leading up to a new administration in the United States.
Adding to this economics powerhouse was the expanding RSM Industry Eminence Program, led by Deputy Chief Economist Kevin Depew. The program, which develops in-house analysts skilled at forming viewpoints from data-driven industry research, marked its seventh consecutive year, adding nine analysts in the United States, Canada and the UK for a total of 66 participants across the firm’s nine focus industries. Eight additional analysts were recruited for fiscal 2026.
The industry eminents produced a steady cadence of sector-specific content in quarterly outlooks, weekly blog posts and guest contributions to third-party publications. Together with RSM economists, they garnered high-quality media coverage and were frequently featured in top-tier print and broadcast outlets including the Wall Street Journal, Yahoo Finance, the Hill and CNN.
As trade, currency and supply chain issues grew in importance—affecting middle market companies doing business internationally—the U.S. and Canadian economists tied their perspectives to those of their overseas colleagues Thomas Pugh, RSM economist for the UK and Ireland; and Davika Shivadekar, RSM economist for Australia. This increased collaboration resulted in a global edition of The Real Economy, RSM’s flagship monthly U.S. publication. The January 2025 issue explored the outlook for inflation, trade and commodities for a host of key international trading partners.
The RSM US Middle Market Business Index (MMBI) entered its ninth year, offering a distinctive quarterly gauge of middle market economic sentiment from executives across a broad range of industries. Separate MMBI special reports provided a deeper dive into trending topics like cybersecurity and sustainability.
Meanwhile, the firm's tax policy and Washington National Tax teams closely followed every step of a U.S. legislative cycle that appeared promising in late January 2024 before lawmakers effectively put it on hold ahead of the general election. RSM subject matter experts translated the numerous policy issues at stake in the election for middle market taxpayers, especially provisions in the TCJA that are scheduled to expire at the end of 2025.
Together, these efforts solidified RSM’s position as a first-choice advisor for perspectives on middle market issues affecting our clients and the broader middle market economy.
