Each quarter, we look at corporate spending trends based on billions of aggregated, anonymized transactions from over 40,000 businesses using Ramp Bill Pay and corporate cards. The Summer 2025 Ramp Business Spending Report, available now, examines how AI and macro headwinds are shaping different sectors of the economy.
The summer 2025 report introduces our brand-new flagship dataset: Nowcast, a pulse on American enterprise. The Ramp Business Spending Nowcast is a comprehensive, sector-by-sector view of U.S. business spend in real time. Nowcast shows what businesses are spending on, unlike other public datasets, which are limited to aggregate spend.
This edition also features the latest results from The Ramp AI Index, which tracks AI adoption trends among U.S. businesses.
Here's what we discovered in Q2:
- Core sectors like construction and manufacturing, both vital to national security, slowed spend as businesses await clarity on trade policies.
- Manufacturing and wholesale businesses pulled up spend, trying to get ahead of impending import tariffs.
- Spending in the technology sector grew quickly, but AI adoption among U.S. businesses plateaued after a period of hypergrowth—raising questions about future funding in the space.
Our data is different
When we launched the Ramp Economics Lab, our mission was to turn Ramp data into insights that help businesses, policymakers, and the public make better decisions. We knew there was no comprehensive dataset tracking real-time U.S. business spend, despite its size and status as a leading indicator of recessions and other economic trends. We knew Ramp data could fill that gap.
We have one of the most differentiated datasets in corporate America. We can spot trends before they even register with the Fed or Bureau of Labor Statistics. We can detect a slowdown before it appears in GDP, watch ad budgets tighten after a rate hike, see wholesalers shore up inventories ahead of tariffs, and track manufacturing capital expenditures in response to policy shifts. We can see where partnerships between the public and private sectors are necessary.
Dig into the numbers by downloading the full report.
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