Economic Policy Uncertainty Index* By Month since January 2000
April 2025
450
The Economic Policy Uncertainty Index reading in November 2025 ticked up slightly. It has plummeted since April’s tariff shock, though remains elevated by long-term norms.
Tariff shock ►
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.*
350
300
250
Dec. 2025
Dotcom crash & 9/11
200
150
Subprime crash & great recession
100
2025
Updated through December 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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