Economic Policy Uncertainty Index* By Month since January 2000
April 2025
450
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.* The Economic Policy Uncertainty Index reading has plummeted since the April 2025 tariff shock but rebounded higher in January 2026 to a level very high by long-term standards.
Tariff shock ►
400
Pandemic hits
350
300
January 2026
250
Dotcom crash & 9/11
200
150
Subprime crash & great recession
100
2025
Updated through January 2026
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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