Consumer sentiment near record low as Americans head into the holidays

U.S. user sentiment fell in November to 1 of its lowest points arsenic Americans caput into the vacation play and hole for Black Friday, a monthly survey found.

The University of Michigan Surveys of Consumers announced Nov. 21 that its Consumer Sentiment Index stands astatine 51 – higher than its preliminary speechmaking of 50.3 2 weeks ago, but down from 53.6 successful October. The announcement showed user sentiment hovering adjacent historical lows. The scale deed its grounds debased of 50 successful June 2022.

But Surveys of Consumers Director Joanne Hsu described user sentiment arsenic “little changed” successful November, noting the 2.6 scale alteration from October is wrong the borderline of error. Still, the speechmaking reflects consumers’ ongoing concerns astir affordability.

More: Everything to cognize astir Black Friday 2025: Where and erstwhile to store sales

“After the national shutdown ended, sentiment lifted somewhat from its mid-month reading.” Hsu said successful a statement. “However, consumers stay frustrated astir the persistence of precocious prices and weakening incomes.”

The scale measures however Americans consciousness astir their idiosyncratic finances and the wide economy, gauging consumers’ optimism oregon pessimism, which tin power their spending. It fell in the archetypal 4 months of 2025, remained unchanged successful May, roseate successful June and July, and has declined each period since.

"By the extremity of the month, sentiment for consumers with the largest banal holdings mislaid the gains seen astatine the preliminary reading,” Hsu said. “This group’s sentiment dropped astir 2 scale points from October, apt a effect of the banal marketplace declines seen implicit the past 2 weeks.” 

The Index of Expectations, however, roseate to 51 successful November, up somewhat from 50.3 successful October. It tracks however consumers presumption prospects for their ain fiscal concern and the wide system implicit the adjacent and agelong term. Expectations person fallen 33.7% since November 2024.

Year-ahead ostentation expectations besides eased slightly, down from 4.6% successful October to 4.5%.

Reach Rachel Barber astatine [email protected] and travel her connected X @rachelbarber_

This nonfiction primitively appeared connected USA TODAY: Consumer sentiment falls arsenic Americans prep for Black Friday, holidays