Consumers are growing increasingly pessimistic about their job prospects in the current economy. A Conference Board survey released Tuesday found that views of both present conditions and future expectations have worsened, with rising concern about the ability to find work.
“Consumers were notably more pessimistic about business conditions six months from now,” said Dana Peterson, the board’s chief economist. “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 board’s Consumer Confidence Index for November slumped to 88.7, a drop of 6.8 points from the prior month for its lowest reading since April. Economists surveyed by Dow Jones were looking for a reading of 93.2.
“Consumers’ write-in responses pertaining to factors affecting the economy 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. “Mentions of the labor market eased somewhat but still stood out among all other frequent themes not already cited.”
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The share of workers saying that jobs are “plentiful” slid to 6%, down from 28.6% in October and reflective of the “no hire, no fire” current job climate shown in other data points.
In 2025, the U.S. labor market remains generally stable but shows signs of slowing growth. The unemployment rate has hovered around 4.1–4.4 %, while the labor-force participation rate and employment-to-population ratio have edged slightly downward, around 59.7–59.8 %.
Monthly job additions have varied, with an example of 139,000 jobs added in May 2025, lower than some previous months. Wage growth is roughly 3.0–3.1 % annually, but real wage gains are uncertain, as inflation may offset nominal increases. Job postings remain above pre-pandemic levels, though the margin is narrower, reflecting uneven demand.
Strength in the labor market masks significant variation across sectors and skill levels. Most job growth has occurred in healthcare and social assistance, while sectors like manufacturing, certain office-based roles, and parts of retail show slower growth or stagnation. Labor-market tightness, the ratio of vacancies to unemployed persons, has eased compared with post-COVID peaks, suggesting hiring pressure has moderated.
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The current economic environment suggests caution and uncertainty, even amid structural resilience. Consumers’ growing pessimism signals that households may approach spending and investment decisions more conservatively, which can ripple through broader economic activity. Perceptions of reduced opportunity and income growth can influence behavior, potentially slowing demand in goods and services and affecting business planning.
The divergence between measurable labor-market strength and declining confidence highlights the importance of sentiment as an economic driver. Even when unemployment remains low and jobs exist, if households feel insecure about future prospects, the broader economy may face headwinds.
Looking forward, adaptability will be key. Workers may increasingly seek skills and roles that align with sectors showing stability and growth, while businesses and policymakers may need to respond to evolving expectations, ensuring that economic support, training, and communication address both tangible labor-market realities and public concerns. In general terms, the economy remains resilient, but uncertainty and caution are likely to shape decisions and outcomes in the near term.