U.S. consumer confidence declined for a seventh consecutive month in November as growing concern about the labor market and the broader economy weighed on Americans’ outlooks.
The Conference Board’s consumer confidence index dropped 6.8 points to 88.7, according to data published on Tuesday, November 25, 2025. That result was below all estimates in a Bloomberg survey of economists. (Conference Board; Bloomberg)
The expectations component—measuring views for the next six months—fell to its lowest level since April 2025. The current conditions component slipped to its lowest reading in about a year.
Recent hiring has been concentrated primarily in just two sectors—healthcare and hospitality—while the unemployment rate has been gradually rising. A wave of corporate layoffs announced in October also contributed to consumer anxiety about job security.
“Consumers’ written responses about factors affecting the economy continued to be driven by mentions of prices and inflation, taxes and trade, and politics, with increased references to the federal government shutdown,” said Dana Peterson, chief economist at the Conference Board. The federal government reopened in mid‑November after the longest shutdown in U.S. history. (Conference Board)
Despite the drop in confidence, Americans are still spending. Government data released earlier the same day showed retail sales moderated in September after several strong months. For November specifically, the Conference Board reported declines in planned purchases of big‑ticket items, including automobiles and major appliances; planned home‑buying also fell.
The Conference Board survey found a high share of consumers saying it is currently difficult to find a job, while the share saying jobs are plentiful fell. The gap between those two measures—a barometer of hiring trends—narrowed to one of its lowest points since the pandemic.
A separate measure of consumer sentiment from the University of Michigan also slipped to one of its lowest recorded levels as Americans’ assessments of their personal finances deteriorated. The Conference Board’s index places greater weight on labor‑market conditions, whereas the University of Michigan’s survey emphasizes views on personal finances and cost of living. (University of Michigan)
