The Leeds Business Confidence Index (LBCI) Q3 2025
Business confidence improved ahead of Q3 2025, but remained squarely in negative territory as uncertainty and tariffs weighed on sentiment. The Leeds Business Confidence Index (LBCI) ticked up 5.9 points from Q2 to Q3, improving to the 5th-lowest number on record. Panelists cited uncertainty, tariffs, and other federal policies for the primary reasons for their outlook. All six components of the index increased from Q2 to Q3, but the components all remained well-below levels measured a year ago.