Economic sentiment decreased over the past two weeks amid an additional Fed rate hike, rising mortgage rates, and falling home prices. The Penta-CivicScience Economic Sentiment Index (ESI) fell 0.4 points to 33.4, largely driven by a decrease in confidence in buying a new home.*
Three of the ESI’s five indicators decreased over the past two weeks. Confidence in buying a new home changed the most, decreasing 2.4 points to 20.3, while confidence in the overall U.S. economy fell 1.9 points to 32.2.
- Confidence in personal finances fell 0.1 points to 49.1.
- Confidence in making a major purchase rose 0.1 points to 19.7.
- Confidence in finding a new job rose 2.3 points to 45.6.
*The HPS (Hamilton Place Strategies)-CivicScience Economic Sentiment Index is now the Penta-CivicScience Economic Sentiment Index. Learn more about Penta.