In November 2025, U.S. consumer confidence fell sharply, with the Conference Board reporting a decline in its consumer confidence index to 88.7, down from an upwardly revised 95.5 in October. This marks the second-lowest reading since April, a period characterized by economic disruptions following the imposition of tariffs by former President Donald Trump, which adversely affected the stock market. The current figures indicate that consumers are increasingly apprehensive about rising costs and stagnant job growth, with perceptions of the labor market deteriorating.

This decline in consumer confidence may pose political challenges for the Republican Party, particularly among independent voters, as the survey revealed widespread pessimism across various political affiliations. Additionally, a government report indicated a slowdown in retail sales for September, following a period of stronger performance over the summer. Economists anticipate a weaker economic outlook for the final quarter of the year, largely attributed to the recent government shutdown.

Dana Peterson, chief economist at the Conference Board, noted that while mentions of the labor market had lessened, concerns remained significant among respondents. The overall sentiment reflected in consumer feedback was more negative compared to the previous month, underscoring the ongoing economic challenges faced by households, including the impacts of inflation and trade issues.