Consumer Sentiment Declined 4.9% to 51 in November

Ann Arbor, MI, November 21, 2025-Consumer sentiment declined 4.9% to 51 in November, according to final results from the University of Michigan Survey of Consumers.

The represents a 29% decline year over year. 

“Consumer sentiment was little changed this month with a 2.6 index point decrease from October that is within the margin of error,” says Joanne Hsu, Survey of Consumers director. “After the federal shutdown ended, sentiment lifted slightly from its mid-month reading. However, consumers remain frustrated about the persistence of high prices and weakening incomes. This month, current personal finances and buying conditions for durables both plunged more than 10%, whereas expectations for the future improved modestly. By the end of the month, sentiment for consumers with the largest stock holdings lost the gains seen at the preliminary reading. This group’s sentiment dropped about 2 index points from October, likely a consequence of the stock market declines seen over the past two weeks. 

“Year-ahead inflation expectations inched down from 4.6% last month to 4.5% this month. This marks three consecutive months of declines, but short-run inflation expectations still remain above the 3.3% seen in January. Long-run inflation expectations softened from 3.9% last month to 3.4% in November. These expectations are now modestly above the 3.2% January 2025 reading. Despite these improvements in the future trajectory of inflation, consumers continue to report that their personal finances now are weighed down by the present state of high prices.”