University of Michigan Releases Final Results of Its Consumer Sentiment Index for November

Posted on November 21, 2025

On Friday, the University of Michigan released the final results of its Surveys of Consumers for November.

  • The Index of Consumer Sentiment fell to 51.0 in November, down 4.9% from 53.6 in October. Year-over-year, the index was 29.0% lower than its November 2024 reading of 71.8.
  • Current Economic Conditions declined to 51.1 in November, down 12.8% from 58.6 in October and 20.0% lower than the November 2024 reading of 63.9.
  • The Index of Consumer Expectations rose to 51.0 in November, up 1.4% from 50.3 in October but 33.7% lower than a year ago, when it was 76.9.

In remarks accompanying the release, Surveys of Consumers Director Joanne Hsu said:

“Consumer sentiment was little changed this month with a 2.6 index point decrease from October that is within the margin of error. 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.”

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