Another month, another dive in the Stanford/University of Chicago Economic Policy Uncertainty Index. It's now down to its lowest level since 2008.
The index seeks to measure the effect of policy uncertainty, including pending regulations and expiring tax provisions, on the economy. As you may have heard once or twice over the last few years, many conservatives blame uncertainty for holding back hiring and growth in this recovery. Those lawmakers love to cite this index as proof of elevated uncertainty.
According to the index, the decline of uncertainty this year is clear*.
And the hiring boom that was supposed to follow? Well...
* Caveat: The last big spike in the index was due to a debt-ceiling fight--which Congress could very well repeat this fall.