U.S. consumer confidence fell to its lowest level since April, as Americans worry about tariffs eating into their wallets and the prospect of more job losses in the near future.
The consumer confidence index fell to 88.7 in November, a sharp drop of 6.8 points from 95.5 last month.
“Expectations for labor market conditions through mid-2026 remained decidedly negative, and expectations for household income growth declined significantly, following six months of strongly positive outcomes,” Dana Peterson, chief economist at the Conference Board, said in a statement accompanying the report.
Peterson noted that respondents were concerned about tariffs, lackluster job growth and the impact of the 43-day government shutdown that ended earlier this month.
The lowest figure of the year was recorded in April, shortly after President Donald Trump implemented his double-digit tariffs on a country-by-country basis. At the time, consumer confidence was measured at 85.5.
Heather Long, chief economist at Navy Federal Credit Union, observed that consumers are feeling as gloomy as they have since the inflation-ridden summer of 2022.
The cost of living has increased everywhere, she said on social media, especially for groceries, utilities and health care. It’s worth noting that the U.S. economy has entered what analysts call a “low hiring, low fire” environment.
The latest available employment data shows that the United States added 119,000 jobs in September, coupled with a slight increase in unemployment. The next employment reports will not be released until mid-December.
