Nervous About Jobs and the Economy? You're Not Alone
Americans are feeling increasingly uneasy about the economy and their own job prospects. According to a new Gallup report, confidence in finding a quality job fell in November to its lowest level since early 2021.
Just one-third of adults say it’s a good time to find a job — down from 44% last year — while nearly twice as many say it's a bad time.
That unease may stem from the fact that the job market has cooled in recent months, many workers are holding onto their current positions and layoff notices have already surpassed 1.1 million — the highest level since 2020.
That turn toward pessimism coincided with the final weeks of the 43-day government shutdown, which delayed federal paychecks, disrupted benefits and pushed back key economic data releases.
When the September jobs report finally dropped on Nov. 20 after a seven-week delay due to the shutdown, it offered a muddled picture. The report showed stronger-than-expected employment growth paired with a rise in the unemployment rate to 4.4%. This mixed picture did little to reassure Americans who are already on edge.
The pessimism of the Gallup report mirrors a broader pullback in how Americans view the economy. Gallup’s Economic Confidence Index dropped to -30 in November, a 17-month low. Forty percent of adults now describe current conditions as “poor,” and about two-thirds say the economy is getting worse.
The index has been weak for more than a year, after improving gradually for two years from the inflation-driven lows of 2022. Confidence rebounded briefly at the end of 2024, following President Trump’s reelection, then hovered in a modestly negative range through most of 2025 before sliding further into the negative last month.
Economic anxiety is spilling into holiday spending
The shift in mood is also reshaping holiday spending plans, too. Gallup's November survey finds that consumers expect to spend an average of $778 on gifts this season, down $229 from October.
This marks the steepest midseason drop Gallup has ever recorded on holiday spending plans — it's even larger than the $185 pullback seen during the 2008 financial crisis. High- and low-income households are driving most of the decline, while middle-income consumers have held steady.
Yet despite shrinking budgets, a majority of Americans (53%) say they plan to spend about the same as last year (despite the sharp drop in projected holiday budgets). Still, many will be relying on borrowed money to make the holidays happen.
A recent survey by the American Institute of CPAs, or AICPA, found that nearly half of holiday shoppers plan to take on debt for gifts or travel. Among them, 79% plan to use credit cards, more than half don't expect to pay off their balances in full and many will lean on buy now, pay later (BNPL) services to fill the gap.
Americans are still planning to spend, but many are doing so under financial strain and holiday pressures, reflecting the same cautious mood that's reshaping views of the job market and economy at large.
More from Money:
Few 'Quality' Jobs? 60% of Workers Dissatisfied With Pay and Opportunities
Half of Americans Plan to Take on Holiday Debt. Here’s How to Avoid It
