Economic Policy Uncertainty Index* By Month since January 2000
April 2025
450
The Economic Policy Uncertainty Index reading in September 2025 declined from August, having plummeted since April’s tariff shock, though remaining high by long-term norms.
400
Pandemic hits
The Economic Uncertainty Index is constructed from data analysis of 1) an index of search results from 10 large newspapers for terms related to economic and policy uncertainty, 2) reports by the Congressional Budget Office, and 3) the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters.*
May 2025
350
300
August 2025
250
Sept. 2025
Dotcom crash & 9/11
200
150
Subprime crash & great recession
100
2025
Updated through September 2025
50
*Source: 'Measuring Economic Policy Uncertainty' by Scott Baker, Nicholas Bloom and Steven J. Davis, 3- component index, www.PolicyUncertainty.com, https://www.policyuncertainty.com/us_monthly.html. Data from sources deemed reliable, but numbers to be considered approximate and subject to revision.
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