The Conference Board Consumer Confidence Index (CCI) for November fell 6.8 points to 88.7, its lowest reading since April, amid job concerns. Economists surveyed by Dow Jones were looking for a reading of 93.2.

The monthly report measures consumers’ optimism or pessimism about the U.S. economy, business conditions and personal finances. The Index is also a key economic indicator based on consumer attitudes and purchasing intentions, with higher readings suggesting more confidence and a greater likelihood of increased spending.

In addition, the CCI’s Expectations Index tumbled 8.6 points to 63.2, while the firm’s present Situation Index slipped to 126.9, a decline of 4.3 points.

Dana Peterson, chief economist at the Conference Board, said, “Consumer confidence tumbled in November to its lowest level since April after moving sideways for several months. All five components of the overall index flagged or remained weak.

“The Present Situation Index dipped as consumers were less sanguine about current business and labor market conditions. The labor market differential — the share of consumers who say jobs are ‘plentiful’, minus the share saying ‘hard to get’ — dipped again in November after a brief respite in October from its year-to-date decline. All three components of the Expectations Index deteriorated in November.”

Peterson continued, “Consumers were notably more pessimistic about business conditions six months from now. Mid-2026 expectations for labor market conditions remained decidedly negative, and expectations for increased household incomes shrank dramatically, after six months of strongly positive readings.”

Among demographic groups, on a six-month moving average basis, confidence continued to improve for consumers under 35, but it dipped for consumers age 35 and older, with respondents 55 and over remaining the most downbeat this year. By income, confidence on a six-month moving-average basis fell for nearly all cohorts after several months of increasing confidence for most groups. Consumers earning less than $15K were the only income bracket to see confidence improve in November but remained the least optimistic among all income groups. Confidence fell among consumers of all political stripes, with the sharpest retreat among independent voters.

Peterson added: “Consumers’ write-in responses pertaining to factors affecting the economy continued to be led by references to prices and inflation, tariffs and trade, and politics, with increased mentions of the federal government shutdown. Mentions of the labor market eased somewhat but still stood out among all other frequent themes not already cited. The overall tone from November write-ins was slightly more negative than in October.”

Consumers’ average 12-month inflation expectations remained elevated in November, and the median rate increased to 4.8 percent. The share of consumers expecting interest rates to rise edged lower in the month to about 50 percent, while the proportion expecting lower rates ticked down after rising over the past several months. Consumers’ outlook for stock prices twelve months from now remained strongly positive but was a hair less confident than last month.

Consumers’ views of their Family’s Current and Future Financial Situation faltered in November after picking up in October. Assessments of current financial situations collapsed to near the low levels seen in August 2024, when a confluence of negative events stoked a brief financial market selloff and U.S. recession concerns. Perceptions of future family financial situations were also less buoyant. The share of consumers believing a recession is “very likely” over the next 12 months fell further in November, but the share of consumers thinking that the economy was already in a recession rose for the fourth consecutive month. The share saying a recession is “somewhat likely” also ticked up. These measures are not included in the calculation of the Consumer Confidence Index.

Plans to buy big-ticket items over the next six months declined in November, following little change since May. After staging a mild comeback on a six-month moving-average basis from early-summer lows, expectations for purchasing cars ticked downward for both new and used vehicles. Purchasing plans for household appliances and most electronics also edged lower in November but remained above 2025 lows. Nonetheless, used cars, TVs and smartphones remained the most popular future purchases among these categories. Homebuying expectations also ticked down in November but remained near two-year highs.

In November, consumers also curbed planned spending on services over the next six months. From the firm’s October survey to November’s, consumers signaled reduced spending in nearly every category queried, with two exceptions: intentions to visit historic sites, museums, and libraries inched up, and plans for childcare and educational services remained unchanged. Still, both categories ranked among the bottom three with amusement parks and outdoor recreation.

The top five categories for planned services spending over the next six months continued to include restaurants, bars, take-out, streaming, internet, mobile services, beauty and personal care, and hotels, motels for personal travel. Healthcare, which had been among the top five planned service expenditures since June, suddenly displaced streaming, internet and mobile services for the number two spot in November. The focus on insurance premiums and subsidies throughout the government shutdown potentially prompted the pop in the healthcare category. In general, consumer spending trends this year have shifted towards “cheap thrills and necessary services, and away from expensive, highly discretionary activities,” the firm reported.

Vacation intentions fell back in November after a surprise surge in October. Plans for domestic travel over the next six months continue to exceed those for international vacations, but both retreated in November. This is consistent with the decline in intentions to spend on hotels, motels, and airfare in the month.

Current Expectations
Consumers’ assessments of current business conditions worsened in November.

  • 20.1 percent of those surveyed said business conditions were “good,” down from 20.7 percent in October.
  • 16.9 percent said business conditions were “bad,” up from 14.5 percent.

On balance, consumers’ views of the labor market were slightly weaker in November.

  • 27.6 percent of respondents surveyed said jobs were “plentiful,” down from 28.6 percent in October.
  • However, 17.9 percent of consumers said jobs were “hard to get,” down from 18.3 percent.

Expectations Six Months from Now
Consumers were more pessimistic about future business conditions in November.

  • 15.9 percent expect business conditions to improve, down from 18.9 percent in October.
  • 27.7 percent expect business conditions to worsen, up from 22.2 percent.

Consumers overall were slightly more worried about the labor market outlook in November.

  • 14.6 percent expect more jobs to be available, down from 15.8 percent in October.
  • 27.5 percent anticipated fewer jobs, down from 28.8 percent.