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The Orange County Business Expectations Index (OCBX) for the current quarter fell to 52.2% from 85.9% in the previous three-month period, according to California State University, Fullerton, economists led by Anil Puri.
A reading of above 50 indicates a belief in future growth in the economy.
“This is the sharpest decline and the lowest value of the index since the pandemic era value of 22.7% in Q2 of 2020,” the CSUF report said. Inflation was the top concern.
The survey was conducted from March 17 – 25. Over 500 surveys were sent with a response rate of 10%.