US consumer confidence took a nosedive in November as Americans saw sour signs ahead for the economy.

The Conference Board’s reading hit 88.7 in November, down 6.8 points from October’s level of 95.5. Its measure of consumers’ short-term expectations for income, business, and labor market conditions also dragged lower to 63.2, remaining well below the threshold of 80 that the Conference Board says typically signals a recession ahead. November was the tenth consecutive month the reading was sub-80.

“Consumer confidence tumbled in November to its second lowest level since April after moving sideways for several months,” Dana M. Peterson, chief economist at The Conference Board, said in a statement.

There’s no question that many Americans harbor pessimistic views about the economy. Though unemployment remains low by historical standards, the jobless rate in September was at its highest since October 2021. And prices, while rising at a slower pace than the roaring inflation seen in 2022, continue to creep up. Spending is strong, but evidence suggests much of that trend is being powered by higher-income consumers.

The bad vibes are showing up in survey data; write-in responses for the Conference Board’s report “continued to be led by references to prices and inflation, tariffs and trade, and politics, with increased mentions of the federal government shutdown,” Peterson said.

As for current business conditions, just 1% of consumers believed they were “good,” down from 20.7% in October, the Conference Board said. Six percent of consumers said jobs were "plentiful" compared to 28.6% in October, though the share of consumers who reported jobs were "hard to get" ticked down slightly.

Meanwhile, consumers’ average inflation expectations for the year ahead were elevated in the survey, with the median rate increasing to 4.8%, the Conference Board said. What’s more, consumers' assessments of their current financial situations fell to their lowest levels since August 2024.

The share of consumers who believe the economy is already in a recession rose for the fourth month in a row, the Conference Board said, even as the share who see a recession as “very likely” in the next 12 months declined.

"Consumers were notably more pessimistic about business conditions six months from now," Peterson said. "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.”

The University of Michigan’s measure for consumer sentiment similarly deteriorated in November, and 69% of consumers expected unemployment to rise in the year ahead.

Emma Ockerman is a reporter covering the economy and labor for Yahoo Finance. You can reach her at emma.ockerman@yahooinc.com.

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