Layoffs surge and consumer confidence tumbles under Trump as holidays approach
U.S. President Donald Trump attends an event to announce a deal with Eli Lilly and Novo Nordisk on to reduce the prices of GLP-1 weight‑loss drugs during an event in the Oval Office at the White House in Washington, D.C., U.S. November 6, 2025. REUTERS/Jonathan Ernst
The Consumer Confidence Index dropped sharply in November, as disillusioned Americans indicated unease in the Trump economy amid rising prices, steady inflation, tariffs, increasing unemployment, and surging layoffs that are making finding a job more difficult.
The Consumer Confidence Index dropped 6.8 points to its lowest level since April, and consumer expectations “tumbled,” CNBC reported on Tuesday.
“Consumers were notably more pessimistic about business conditions six months from now,” said Dana Peterson, the Conference 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.”
Now, just six percent of workers say that jobs are “plentiful,” down from 28.6% one month ago.
“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 also said in a statement, according to Bloomberg News.
The news comes just as another indicator of a weakening jobs market shows that “private companies shed an average 13,500 jobs over the past four weeks,” CNBC noted, citing data from payrolls processing firm ADP.
“That’s an acceleration from the 2,500 jobs a week lost in the last update a week ago,” CNBC also reported.
Other data also suggest a troubled economy.
“Government figures out earlier on Tuesday showed retail sales moderated in September after several robust months,” Bloomberg added.
“As for November, the Conference Board’s report showed buying plans for big-ticket items, including cars and major appliances, declined. Home-buying plans also fell.”
Alex Jacquez, Chief of Policy and Advocacy at Groundwork Collaborative and a former Biden White House official, summed up his thoughts on the current situation:
“Good news: fewer people think we’re headed toward a recession. Bad news: more people think we’re already in one.”
