Widening Wealth Gap and Employment Concerns Drive Consumer Confidence to Record Lows

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Widening Wealth Gap and Employment Concerns Drive Consumer Confidence to Record Lows

Bitget-RWA2025/11/22 19:48

By:Bitget-RWA

- US consumer confidence fell to near-record lows in November (index 51), driven by inflation fears and worsening personal finances, per University of Michigan data. - Wealth disparities deepened as affluent consumers maintained spending power while non-stockholders faced deteriorating financial conditions. - Job insecurity spiked to 2020 levels, with rising unemployment claims and pessimism about re-employment prospects exacerbating economic anxiety. - Market volatility reflected broader uncertainty, exem

In November, US consumer sentiment dropped sharply, reaching a near-record low of 51, down from 53.6 in October,

based on findings from the University of Michigan's survey

. This represents one of the weakest readings ever recorded, largely due to growing worries about inflation and deteriorating personal finances. The index’s current conditions measure fell to 51.1, the lowest since the 2009 financial crisis. Survey director Joanne Hsu pointed to stubbornly high prices and falling incomes as key factors, adding that consumers anticipate inflation to average 4.5% over the next year and 3.4% for the following five to ten years.

Widening Wealth Gap and Employment Concerns Drive Consumer Confidence to Record Lows image 0

The survey further revealed a significant gap between higher-income households and those earning less. While wealthier Americans seem able to keep spending, people without stock investments are experiencing worsening financial situations, highlighting vulnerabilities that broader economic data may overlook

as reported by the University of Michigan's survey

. Concerns about job stability have also grown, with the perceived likelihood of losing one’s job rising to its highest point since July 2020. This coincides with a four-year peak in ongoing unemployment claims, suggesting that finding new work is becoming more difficult for the unemployed.

Elsewhere, economic uncertainty has affected unrelated industries. Mawson Infrastructure Group Inc. (NASDAQ:MIGI)

experienced a 28.5% decline in its share price

after revealing a 1-for-20 reverse stock split to meet Nasdaq’s listing standards. The split, approved by shareholders, is intended to raise the share price without changing ownership proportions, but it also reflects investor unease in today’s unpredictable economic climate.

The University of Michigan’s analysis also found that consumers became slightly more negative about short-term economic prospects, even after the end of the longest government shutdown in US history. Conditions for making large purchases hit all-time lows, signaling that households remain cautious about spending. These patterns indicate that, despite some relief from inflation, concerns about the cost of living and job security continue to undermine consumer confidence.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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