Consumer Confidence Plunges to Lowest Level Since April Amid Growing Job Market Concerns
Published: November 25, 2025 | Updated: 2 hours ago
By Jeff Cox | @jeff.cox.7528 | @JeffCoxCNBCcom
Consumer confidence in the United States dropped sharply since April 2025. Consumers worry more about the job market, as a new survey from the Conference Board shows. In this report, words join closely with their subjects and verbs, making the links clear and the ideas easy to follow.
Key Findings from the Conference Board Survey
- The November Consumer Confidence Index fell to 88.7. This drop of 6.8 points from October marks its lowest score in seven months.
- Economists in the Dow Jones poll expected a score near 93.2, which did not occur.
- The Expectations Index sank by 8.6 points to 63.2, and the Present Situation Index slid by 4.3 points to 126.9. Dana Peterson, chief economist at the Conference Board, said, "This data shows that consumers feel more negative about business conditions in the next six months. Labor market views for mid-2026 look poor, and ideas of growing household income have shrunk after many months of good signals."
Employment Concerns Deepen
A key part of the report shows a drop in hope for jobs:
- The percentage of workers who call jobs “plentiful” fell from 28.6% in October to 6% in November.
- In contrast, those who say jobs are “hard to get” edged down to 17.9%, which fits a current no-change hiring trend.
Recent payroll numbers from ADP add to this view, as private companies shed about 13,500 jobs over the past four weeks.
Consumer Sentiment Weakening More Broadly
Other surveys agree on falling consumer feelings:
- The sentiment index from the University of Michigan dropped by 4.9% in November from the previous month and is now 29% lower than a year ago.
These lower expectations have led some Federal Reserve policymakers to speak in favor of more cuts in interest rates to move the economy. Market traders now see a strong chance of a quarter percentage point rate cut coming in December.
Influencing Factors and Future Expectations
Peterson explains that many cost worries hit consumers across income levels and political views. These include:
- Rising prices from inflation
- New tariffs and limits in trade
- Signs of political unrest, as news of the recent federal government shutdown grows
Inflation guesses have now risen to about 4.8% one year out. This rise goes past the Federal Reserve’s 2% mark and the University of Michigan’s view of 4.5%.
Despite the hard times for the economy and work, consumers hold a strong, positive view of the stock market for the coming year.
Impact of the Government Shutdown
Data has been affected by the recent federal government shutdown. The shutdown stopped data collection for a bit and pushed back many reports. Only a few, mostly old, reports have come out since it ended.
For ongoing updates and clear analysis on consumer feelings, job trends, and economic outlooks, keep in touch with CNBC Pro and sign up for their newsletters.
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