The good vibes train of 2024 hit a speed bump over the past two weeks, as economic sentiment declined for the first time this year. The Penta-CivicScience Economic Sentiment Index (ESI) decreased 0.9 points to 36.8, during a two-week stretch that witnessed a deluge of media coverage around positive economic news.
Four of the five of the ESI indicators decreased over the past two weeks. Confidence in personal finances and buying a new home fell the most, decreasing 1.5 points each to 56.7 and 21.0, respectively.
—Confidence in the overall U.S. economy fell 1.1 points to 40.1.
—Confidence in finding a new job fell 1.1 points to 40.5.
—Notably, confidence in making a major purchase rose 0.7 points to 25.5. This indicator, along with confidence in the housing market, was amongst the lowest performing in recent years, now stands at its highest point in more than twelve months.
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