Overview
- Gallup’s Economic Confidence Index fell seven points to -30 in November, with 21% rating conditions as excellent or good and about 68% saying the economy is getting worse.
- Planned holiday budgets slid by $229 from October to November to an average of $778, the largest midseason drop Gallup has recorded in nearly two decades.
- Retailers counted roughly 203 million shoppers over Thanksgiving through Cyber Monday and the National Retail Federation forecasts the first $1 trillion holiday season.
- Labor gauges weakened, with Challenger reporting the slowest hiring in 15 years and the highest layoffs since 2020, while ADP estimated a loss of 32,000 jobs in November.
- Politics are sharpening around the economy as a Politico poll finds 46% of voters primarily blame President Trump and 29% blame Joe Biden, and Trump plans a public tour to defend his record.