US Economic Policy Uncertainty Index (EPU)
US economic policy uncertainty index, tracking policy risk from newspapers and tax provisions.
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Economic Policy Uncertainty Index (newspaper-based, since 1900) | 219.21 | 222.61 | 269.79 | 328.46 | 298.61 | 374.66 | 374.19 | 371.33 | 288.59 | 311.65 | 308.34 | 319.84 | 370.93 | 372.06 | 375.59 | 563.98 | 724.94 | 446.3 | 329.29 | 236.79 | 218.85 | 225.05 | 109.29 | 127.4 | 138.37 | 144.94 | 144.18 | 123.61 | 139.41 | 116.71 | 106.51 | 131.27 | 107 | 140.68 | 133.59 | 117.7 | 76.84 | |
| Economic Policy Uncertainty Index (three-component version)3 | 175.35 | 185.69 | 213.29 | 247.62 | 219.09 | 263.58 | 263.31 | 265.51 | 205.28 | 218.77 | 217.51 | 224.24 | 254.13 | 251.76 | 253.82 | 364.05 | 460.11 | 297.08 | 228.62 | 167.39 | 156.89 | 160.52 | 95.3 | 105.9 | 112.31 | 116.3 | 115.85 | 103.82 | 106.49 | 93.2 | 87.24 | 121.96 | 105.77 | 125.48 | 117.7 | 108.4 | 84.49 | |
| Temporary tax code provisions | 752.91 | 752.91 | 752.91 | 752.91 | 752.91 | 752.91 | 752.91 | 752.91 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 187.52 | 92.33 | 92.33 | 92.33 | 92.33 | 92.33 | |
| Inflation forecast disagreement | 82.95 | 117.88 | 117.88 | 117.88 | 44.28 | 44.28 | 44.28 | 66.39 | 66.39 | 66.39 | 68.01 | 68.01 | 68.01 | 78.83 | 78.83 | 78.83 | 81.61 | 81.61 | 81.61 | 60.74 | 60.74 | 60.74 | 64.47 | 64.47 | 64.47 | 74.81 | 74.81 | 74.81 | 42.49 | 42.49 | 42.49 | 115.05 | 115.05 | 115.05 | 105.22 | 105.22 | 105.22 | |
| Federal government outlays forecast disagreement | 73.85 | 71.98 | 71.98 | 71.98 | 120.31 | 120.31 | 120.31 | 109.52 | 109.52 | 109.52 | 111.41 | 111.41 | 111.41 | 72.59 | 72.59 | 72.59 | 80.75 | 80.75 | 80.75 | 67.48 | 67.48 | 67.48 | 78.28 | 78.28 | 78.28 | 61.86 | 61.86 | 61.86 | 71.42 | 71.42 | 71.42 | 87.2 | 87.2 | 87.2 | 79 | 79 | 79 | |
| By Policy Area1 | ||||||||||||||||||||||||||||||||||||||
| Economic Policy Uncertainty (Overall)8 | 227.35 | 275.2 | 338.8 | 350.61 | 325.71 | 391.09 | 346.39 | 343.2 | 359.16 | 336.52 | 340.45 | 331.64 | 291.43 | 364.91 | 379.36 | 488.92 | 536.9 | 494.25 | 318.84 | 236.44 | 178.71 | 217.5 | 110.45 | 92.05 | 99.89 | 107.31 | 81.87 | 83.61 | 113.22 | 107.01 | 123.91 | 114.72 | 122.17 | 114.92 | 134.18 | 88.73 | 95.9 | |
| Monetary Policy | 200.52 | 171.26 | 176.55 | 212.87 | 201.71 | 277.7 | 258.46 | 302.97 | 247.62 | 261.68 | 244.72 | 374.76 | 288.03 | 342.21 | 288.23 | 422.14 | 452.77 | 448.74 | 228.81 | 222.13 | 155.3 | 215.12 | 81.56 | 116.13 | 116.4 | 77.36 | 38.88 | 77.48 | 148 | 79.93 | 126.42 | 109.58 | 194.91 | 132.07 | 185.54 | 85.75 | 135.35 | |
| Fiscal Policy (Taxes or Spending)2 | 237.86 | 273.83 | 328.04 | 441.95 | 303.81 | 369.21 | 422.19 | 424.12 | 358.45 | 396.78 | 391.26 | 375.56 | 322.08 | 447.4 | 494.28 | 618.66 | 688.95 | 625.95 | 366.3 | 291.74 | 182.71 | 236.75 | 124.48 | 74.89 | 106.22 | 94.05 | 96.51 | 71.58 | 82.48 | 87.91 | 98.63 | 87.74 | 102.97 | 75.35 | 87.69 | 72.8 | 66.24 | |
| Taxes | 258.38 | 296.32 | 369.48 | 486.67 | 337.51 | 400.77 | 469.8 | 471.49 | 384.91 | 417.42 | 413.12 | 406.97 | 344.38 | 483.95 | 529.57 | 634.2 | 738.8 | 642.23 | 387.18 | 293.15 | 184.81 | 254.7 | 135.27 | 82.31 | 111.78 | 98.33 | 107.14 | 68.13 | 77.01 | 85.4 | 103.23 | 93.73 | 107.26 | 82.5 | 80.75 | 61.22 | 65.82 | |
| Government Spending | 93.28 | 161.94 | 118.89 | 133.5 | 135.33 | 211.06 | 183.13 | 232.61 | 222.85 | 294.17 | 244.15 | 228.69 | 185.2 | 256.16 | 533.53 | 622.65 | 370.92 | 526.67 | 324.82 | 208.07 | 144.53 | 212.31 | 53.53 | 24.13 | 48.27 | 35.92 | 22.78 | 49.27 | 89.83 | 60.96 | 39.87 | 40.99 | 124.87 | 37.93 | 90.62 | 57.69 | 44.32 | |
| Healthcare | 249.89 | 287.13 | 327.45 | 400.99 | 360.29 | 481.51 | 542.52 | 682 | 653.27 | 565.06 | 765.28 | 547.45 | 459.31 | 530.66 | 677.35 | 912.08 | 713.75 | 602.54 | 508.76 | 415.25 | 310.55 | 327.83 | 176.57 | 146.77 | 138.41 | 159.81 | 108.56 | 73.77 | 121.72 | 126.05 | 94.09 | 139.47 | 83.31 | 87.81 | 109.16 | 131.88 | 60.24 | |
| National Security | 281.75 | 402.85 | 409.94 | 507.35 | 538.65 | 648.35 | 228.96 | 282.73 | 250.07 | 274.22 | 292.61 | 235.97 | 270.16 | 277.08 | 293.75 | 537.53 | 765.62 | 646.92 | 302.75 | 159.32 | 154.65 | 202.81 | 74.83 | 42.01 | 95.45 | 95.86 | 50.99 | 48.99 | 95.73 | 92.94 | 149.44 | 86.31 | 130.71 | 90.51 | 104.08 | 72.05 | 50.89 | |
| Entitlement Programs | 264.06 | 205.91 | 457.11 | 495.07 | 259.99 | 348.6 | 342.88 | 447.17 | 467.67 | 633.17 | 726.05 | 526.15 | 395.67 | 521.63 | 821 | 984.95 | 688.94 | 749.05 | 517.89 | 448.63 | 277.65 | 235.34 | 190.58 | 155.11 | 86.27 | 89.47 | 34.5 | 66.27 | 91.12 | 127.38 | 86.94 | 104.67 | 183.81 | 111.43 | 100.98 | 139.22 | 64.02 | |
| Regulation1 | 364.55 | 314.13 | 432.59 | 513.65 | 370.14 | 450.68 | 449.62 | 486.48 | 379.43 | 311.3 | 325.18 | 230.6 | 269.19 | 467.45 | 400.58 | 466.95 | 443.26 | 385.3 | 339.2 | 345.68 | 258.83 | 269.44 | 156.8 | 81.29 | 156.18 | 151.17 | 98.79 | 128.25 | 99.16 | 84.44 | 123.6 | 163.13 | 203.04 | 152.17 | 105.02 | 69.67 | 93.31 | |
| Financial Regulation | 857.42 | 400.14 | 780.6 | 497.93 | 423.46 | 495.95 | 173.15 | 245.45 | 344.03 | 101.98 | 126.88 | 109.88 | 159.38 | 243.59 | 170.51 | 133.02 | 401.2 | 409.31 | 258.09 | 97.22 | 46.15 | 92.68 | 112.08 | 49.86 | 71.19 | 69.13 | 33.88 | 29.05 | 153.37 | 70.32 | 63.52 | 25.03 | 25.96 | 92.65 | 73.14 | 55.57 | 84.19 | |
| Trade Policy | 1,234.24 | 1,248.24 | 1,230.86 | 1,631.64 | 1,712.3 | 2,194.97 | 3,051.6 | 2,244.1 | 3,115.98 | 3,178.67 | 2,558.28 | 3,767.43 | 2,727.15 | 3,371.64 | 3,537.47 | 5,780.04 | 7,955.65 | 5,912.11 | 2,583.9 | 1,725.71 | 1,319.01 | 1,401.68 | 194.76 | 94.88 | 221.59 | 161.21 | 66.37 | 128.8 | 46.13 | 44.78 | 220.07 | 45.16 | 18.74 | 17.45 | 33.34 | 25.79 | 31.83 | |
| Sovereign Debt and Currency Crisis | 456.63 | 173.5 | 164.97 | 312.9 | 230.13 | 241.34 | 74.71 | 70.6 | 62.75 | 30.86 | 65.7 | 30.48 | 10.4 | 63.59 | 378.36 | 98.39 | 508.72 | 119.77 | 137.87 | 9.81 | 51.2 | 19.59 | 46.06 | 20.12 | 9.87 | 23.6 | 10.74 | 9.21 | 9.45 | 9.18 | 9.4 | 9.26 | 9.6 | 44.7 | 8.54 | 17.62 | 44.48 |
Latest reading
The latest reading is 219.21, for Aug 2026. That is −1.5% from Jul 2026 and −40.9% from a year earlier. The series on this page is monthly and runs from Jan 1900 to Aug 2026. Source: Economic Policy Uncertainty (Baker, Bloom & Davis).
- Latest
- 219.21
- Aug 2026
- vs previous period
- −1.5%
- Jul 2026
- vs a year earlier
- −40.9%
About this data
US economic policy uncertainty index, tracking policy risk from newspapers and tax provisions. The table provides monthly readings with historical series since 1900, published by the Economic Policy Uncertainty group. It includes newspaper-based measures, a three-component version, and breakdowns by policy area such as monetary policy, taxes, and regulation. The index is normalised to a mean of 100 for the base period.
Frequently asked questions
- What is the US Economic Policy Uncertainty Index and how is it defined?
- The US Economic Policy Uncertainty Index measures the degree to which businesses and households face uncertainty about future government policies. It quantifies the frequency of relevant keywords in major United States newspapers, supplemented by tax code expiration data and economic forecast disagreement.
- How often is the index published and how far back does the data go?
- This index is published monthly by the Economic Policy Uncertainty research group. The primary newspaper-based series maintains historical records dating back to 1900, covering major economic and political events across the United States.
- What specific breakdowns and versions are available in this table?
- The table presents two main versions, including a long-run newspaper-based index and a three-component version starting later. It also provides breakdowns by specific policy areas in the United States, such as monetary policy, taxes, government spending, healthcare, regulation, and trade policy.
- How is the index scaled and interpreted?
- The series is normalised to a mean value of 100 over a designated historical base period. Higher index values indicate greater United States economic policy uncertainty, while lower values reflect more stable and predictable policy environments.
