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The Conference Board's US Consumer Confidence Index fell 6.8 points to 88.7 in November, according to survey data released Tuesday.

The figure for October was revised upwards to 95.5 points, while markets expected the figure to come in at 93.5 for November.

The Present Situation Index, which reflects American consumers' assessments of current job and labor market conditions, fell 4.3 points to 126.9 in November.

The Expectations Index, which is consumers' short-term assessments of income, job and labor market conditions, declined 8.6 points to 63.2.

"The Expectations Index has tracked below 80 for ten consecutive months, the threshold under which the gauge signals recession ahead," the Conference Board said in a statement.

“Consumer confidence tumbled in November to its second lowest level since April after moving sideways for several months,” said Dana Peterson, chief economist at the Conference Board.

She said that mid-2026 expectations for labor market conditions remained decidedly negative, and expectations for increased household incomes shrank dramatically, after six months of strongly positive readings.

Guichard noted that prices and inflation, tariffs and trade, and politics, with increased mentions of the federal government shutdown, were the top references in the consumers' write-in responses.

Meanwhile, mentions of the labor market eased "somewhat" but still stood out among all other frequent themes not already cited. "The overall tone from November write-ins was slightly more negative than in October."