Source: Leeds Business Confidence Index.
BOULDER — National issues, particularly the upcoming presidential election and persistent inflation, are worrying Colorado business leaders more than their local counterparts, leading to a decline in optimism about the economy, according to a recent University of Colorado Boulder survey.
The Leeds Business Confidence Index fell 3.1 points between Q2 and Q3 2024, but the overall picture remained slightly more optimistic.
Going into the third quarter, the index was at 50.6. The LBCI score, which is based on impressions of the state economy, the national economy, industry sales, industry profits, industry employment and capital spending, is 50, which is neutral.
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“While most economic data suggests the United States remains in a growth cycle, reactions from business leaders suggest less optimism and less caution as we move into the second half of the year,” Brian Lewandowski, executive director of the University of Leeds' School of Business Research, said in a prepared statement.
Business leaders were the least optimistic about the national economy, with an LBCI score of 48.6 in the third quarter. This compares with a score of 51.2 for state economies.
“The gap between the state's outlook and the national outlook widened ahead of the third quarter of 2024, perpetuating a long-held belief among business leaders that the state will outperform the nation,” the CU report said.
Of the 201 panelists surveyed, “interest rates were most frequently cited as a reason for the outlook (26% of respondents), followed by election uncertainty (21%),” according to the report.