A recruitment sign is posted in the window of a business in Manhattan, New York City, November 27, 2025.
Spencer Pratt | Getty Images
A Conference Board survey released Tuesday found that consumers are increasingly concerned about whether they will be able to find work, given the current economic and future outlook.
The Consumer Confidence Index for November announced by the same committee was 88.7, down 6.8 points from the previous month and the lowest level since April. Economists surveyed by Dow Jones wanted a number of 93.2.
Furthermore, the expectation index decreased by 8.6 points to 63.2, and the current situation index decreased by 4.3 points to 126.9.
“Consumers were particularly pessimistic about the economy six months from now,” said Dana Peterson, the board’s chief economist. “Expectations for labor market conditions in mid-2026 remain clearly negative, and expectations for household income growth have narrowed dramatically after six months of very positive numbers.”
The report’s key figures measuring employment expectations showed a deterioration.
The percentage of workers who say jobs are “plentiful” fell to 6% from 28.6% in October, reflecting the current employment situation of “no jobs, no layoffs” across other data points. Another question asking whether finding a job was “difficult” dropped by 0.4 points to 17.9%.
These results were released on the same day that payroll firm ADP reported that private companies had cut an average of 13,500 jobs over the past four weeks. Additionally, the Conference Board survey is consistent with other indicators of weakening consumer sentiment.
For example, the University of Michigan Sentiment Gauge was down 4.9% on a monthly basis in November, and down 29% from a year ago.
This drop in numbers is consistent with public statements from several key Fed officials who believe further rate cuts are warranted. Traders are pricing in the Fed likely to cut its key borrowing rate by another quarter of a percentage point in December.
In the Conference Board survey, Peterson pointed to weaknesses across income and political groups.
“Consumer written responses regarding factors affecting the economy continued to be led by references to prices and inflation, tariffs and trade, politics, and increased references to the federal government shutdown,” Peterson said. “The mention of the labor market had softened somewhat, but it still stood out among all the other frequent themes that were still not mentioned.”
Inflation expectations have risen, with respondents expecting inflation to be 4.8% a year from now, well above the Fed’s 2% target and above the Michigan survey’s forecast of 4.5%. Respondents also expressed “very positive” expectations for the stock market next year.
Economic indicators are sluggish due to the recently ended government shutdown. The government agency responsible for the report halted all data collection and publication during the impasse, and reports, mostly out of date, have trickled out in recent days.
