US consumer confidence took a nosedive in November as Americans saw sour signs ahead for the economy.
The Conference Board’s reading hit 88.7 in November, down 6.8 points from October’s level of 95.5. Its measure of consumers’ short-term expectations for income, business, and labor market conditions also dragged lower to 63.2, remaining well below the threshold of 80 that the Conference Board says typically signals a recession ahead. November was the tenth consecutive month the reading was sub-80.
“Consumer confidence tumbled in November to its second lowest level since April after moving sideways for several months,” Dana M. Peterson, chief economist at The Conference Board, said in a statement.
There’s no question that many Americans harbor pessimistic views about the economy. Though unemployment remains low by historical standards, the jobless rate in September was nonetheless at its highest since October 2021. And prices, while rising at a slower pace than the roaring inflation seen in 2022, continue to creep up. Spending is strong, but evidence suggests much of that trend is being powered by higher-income consumers.
“Consumers were notably more pessimistic about business conditions six months from now,” Peterson said. “Mid-2026 expectations for labor market conditions remained decidedly negative, and expectations for increased household incomes shrunk dramatically, after six months of strongly positive readings.”
Consumers’ assessments of their current financial situations also fell to their lowest levels since August 2024.
The University of Michigan’s measure for consumer sentiment similarly deteriorated in November, and 69% of consumers expected unemployment to rise in the year ahead.
Emma Ockerman is a reporter covering the economy and labor for Yahoo Finance. You can reach her at emma.ockerman@yahooinc.com.
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