Consumer sentiment was little changed in November with a 2.6 index point decrease from last month that is within the margin of error, according to the University of Michigan Surveys of Consumers.
Over the course of the month, sentiment initially fell as the federal shutdown dragged on, then it lifted slightly later in the month after the shutdown ended, said U-M economist Joanne Hsu, director of the surveys.
Overall, consumers continue to be focused on the bread-and-butter issues that directly influence their personal finances, with continued frustration over high prices and weakening incomes, she said.
This month, current personal finances and buying conditions for durables both plunged, whereas expectations for the future improved a touch but remain subdued.
"Cost-of-living concerns and income worries dominate consumer views of the economy across the country," Hsu said. "Other major developments have had limited impact on consumer sentiment this month.
"While the end of the federal shutdown was surely welcomed, consumers had not been anticipating long-run consequences of the shutdown. Stock market performance has been influencing economic attitudes for consumers with large holdings, with little effect on the rest of the population."
Views of personal finances erode
Assessments of current personal finances plummeted about 15% as consumers face pressures from multiple sources. The share of consumers spontaneously mentioning the negative effects of high prices on their personal finances rose for the fifth consecutive month to 47%, up from 34% in January 2025.
In addition, 26% of consumers spontaneously referenced weak incomes, surging from 20% last month and the highest seen since 2021, according to Hsu.
Overall, higher-income consumers and those with large stock holdings express much stronger views of their personal finances than other consumers. Still, all income and wealth groups reported a weakening in personal finances compared with last month.
Labor market risks rise
Consumers anticipate that labor markets will continue to weaken in the future and expect to be personally affected, Hsu said.
Expectations over unemployment worsened this month, with 69% of consumers expecting unemployment to rise in the year ahead, up from 64% last month and now more than double the 32% seen last November.
Moreover, consumers' expectations over their own probability of job loss worsened this month, reaching the highest reading since 2020.
Consumer Sentiment Index
The Consumer Sentiment Index fell to 51.0 in the November 2025 survey, down from 53.6 in October and below last November's 71.8. The Current Index fell to 51.1, down from 58.6 in October and below last November's 63.9. The Expectations Index rose to 51.0, up from 50.3 in October and below last November's 76.9.
About the surveys
The Surveys of Consumers is a rotating panel survey at the University of Michigan Institute for Social Research. It is based on a nationally representative sample that gives each household in the coterminous U.S. an equal probability of being selected. Interviews are conducted throughout the month by web. The minimum monthly change required for significance at the 95% level in the Sentiment Index is 4.8 points; for the Current Economic Conditions Index and Index of Consumer Expectations, the minimum is 6 points.
About ISR
Established in 1949, the Institute for Social Research at the University of Michigan is among the world's oldest social science research organizations and a world leader in the development and application of social science methodology. ISR conducts some of the most widely cited surveys and studies in the nation, including the U-M Surveys of Consumers, American National Election Studies, Monitoring the Future Study, Panel Study of Income Dynamics, Health and Retirement Study, National Survey of Black Americans and World Values Survey. ISR is also home to the Inter-University Consortium for Political and Social Research, which maintains the world's largest computerized social science data archive.
