U.S. consumer confidence reached its lowest level since April, as Americans fret about tariffs eating into their pocketbooks and the prospect of more job losses in the near future.
The consumer confidence index slid to 88.7 in November — a sharp, 6.8-point drop from 95.5 last month.
"Mid-2026 expectations for labor market conditions remained decidedly negative, and expectations for increased household incomes shrunk dramatically, after six months of strongly positive readings," said Dana Peterson, chief economist of the Conference Board, in a statement accompanying the report.
Peterson noted that respondents were worried about tariffs, lackluster job growth, and the fallout of the 43-day government shutdown that ended earlier this month.
The lowest reading of the year was registered in April shortly after President Donald Trump rolled out his country-by-country double-digit tariffs. 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 been since the inflation-ridden summer of 2022.
The cost of living has swelled across the board, she said on social media, particularly for groceries, utilities, and healthcare. Notably, the U.S. economy has entered into what analysts call a "low-hire, low-fire" environment.
The latest job data available showed the U.S. added 119,000 jobs in September, coupled with a modest uptick in unemployment. The next employment reports won't be published until mid-December.