Despite Slight Decline, Confidence Remains Positive in September

03 October 2025

Please note that survey responses were collected from the period of September 15-26, 2025. The Current Conditions component eased slightly in September, slipping to 55.0 from 59.1 in August. Respondents reporting “better” conditions rose to 30 percent, while those viewing conditions as “worse” increased to 20 percent. Fifty percent of respondents indicated that conditions remained unchanged. Comments were mixed. Several respondents cited ongoing concerns about tariffs and noted that continued uncertainty is negatively affecting business. However, one panel member reported that despite the “noise,” business continued to improve, suggesting uneven impact across sectors from shifting tariff policies.