The government shutdown, now in its sixth week, is beginning to take a toll on consumer confidence, according to new survey data from the University of Michigan released on Nov. 7.
U.S. consumer sentiment declined for a fourth straight month in November, with the preliminary index dropping 6 percent, to 50.3 from October’s 53.6, the widely watched monthly survey found. That is the lowest level since June 2022.
This month’s slide was fueled by a 17 percent drop in current personal finances and an 11 percent decrease in year-ahead business conditions.
“With the federal government shutdown dragging on for over a month, consumers are now expressing worries about potential negative consequences for the economy,” Joanne Hsu, the university’s director of consumer surveys, said in a statement….