Economic sentiment dropped again over the past two weeks as unease about the banking system persisted. The Penta-CivicScience Economic Sentiment Index (ESI) fell 1.9 points to 33.3, the largest drop in the overall index since July 2022. Leading the decline was a collapse in confidence in finding a new job—an especially notable development since confidence in the labor market had remained largely resilient over the past six months, even as some other indicators lagged.
All five of the ESI’s indicators decreased over the past two weeks. Confidence in finding a new job dropped a drastic 5.3 points to 36.9—tied with March 2020 (the onset of COVID lockdowns in the U.S.) for its largest single-reading decrease ever.
—Confidence in buying a new home fell 1.9 points to 22.3.
—Confidence in personal finances fell 1.7 points to 51.6.
—Confidence in the overall U.S. economy fell 0.5 points to 32.5.
—Confidence in making a major purchase fell 0.1 points to 23.2.
View the full reading here. Learn more about the CivicScience Economic Sentiment Index here.
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