The University of Michigan Consumer Sentiment preliminary report shows that consumers remain pessimistic about the economy – except those with the most extensive stock holdings.

Those with large portfolios posted a “notable 11% increase in sentiment, supported by continued strength in stock markets.”

However, there was widespread negativity across the population – regardless of age, income, and political affiliation.

So, the everyday American (without an extensive stock portfolio) is feeling anxious about where the economy – and their personal finances are headed.

Consumer sentiment fell back by 6% in November – mainly due to a 17% drop in current sentiment about personal finances.

17% drop.

People are worried about their own households and how they will meet the demands of everyday life – the cost of groceries, housing, medical care, and energy.

With no deal to extend the health care subsidies, one can only assume personal finance sentiment will drop further.

Consumers are expressing concerns about potential negative economic consequences from the prolonged government shutdown and rising costs ahead of the holiday season.

Furthermore, sentiment showed an 11% decline in year-ahead expected business conditions. With the job market softening and uncertainty around the ongoing tariff policy, businesses are hesitant to invest.

Additionally, the survey found “the year-ahead inflation expectations inched up from 4.6% last month to 4.7% this month and remained well below readings in May in the wake of the initial announcements of major tariff changes.”

The reality is, regardless of the spin from the Administration, everyday Americans are not feeling better off than a year ago, and upcoming policy changes – in particular around healthcare – portend further pain for households.