The U.S. Consumer Sentiment Index released Friday by the University of Michigan (UM) Surveys of Consumers fell to 51 in the November 2025 survey, down from 53.6 in October and below last November's 71.8.

The Current Economic Conditions Index fell to 51.1, down from 58.6 in October and below last November's 63.9. The Index of Consumer Expectations rose to 51, up from 50.3 in October but below last November's 76.9.

Assessments of current personal finances plummeted about 15 percent as consumers face pressures from multiple sources. The share of consumers spontaneously mentioning the negative effects of high prices on their personal finances rose for the fifth consecutive month to 47 percent, up from 34 percent in January 2025.

In addition, 26 percent of consumers spontaneously referenced weak incomes, surging from 20 percent in October and the highest seen since 2021.

Expectations over unemployment worsened in November, with 69 percent of consumers expecting unemployment to rise in the year ahead, up from 64 percent in October and more than double the 32 percent seen last November.

Consumers' expectations over their own probability of job loss also worsened this month, reaching the highest reading since 2020.

Joanne Hsu, director of the UM's Surveys of Consumers, said that consumers continue to be focused on the bread-and-butter issues that directly influence their personal finances, with continued frustration over high prices and weakening incomes.

"Cost-of-living concerns and income worries dominate consumer views of the economy across the country," she said.