The University of Michigan’s Index of Consumer Sentiment fell -6.2% MoM to 50.3 in November 2025 (-29.9% YoY), marking a broad pullback as the prolonged government shutdown weighed on household outlooks.

• The Current Economic Conditions Index dropped -10.8% MoM to 52.3 (-18.2% YoY), reflecting a 17% decline in assessments of personal finances.

• The Index of Consumer Expectations decreased -2.6% MoM to 49.0 (-36.3% YoY), as year-ahead business expectations weakened by 11%.

• The decline in sentiment was widespread across age, income, and political groups, though the top third of stockholders saw sentiment rise +11%, supported by equity market strength.

• Year-ahead inflation expectations edged up to 4.7% (from 4.6%), while long-run expectations fell to 3.6% (from 3.9%), both remaining below peaks from earlier in 2025.

• The report noted that interviews concluded before the November elections, suggesting results do not yet capture potential post-election sentiment shifts.