The economic landscape in November 2025 was dominated by the lingering effects of the recent federal government shutdown and persistent concerns over inflation and consumer affordability. The shutdown, which ended mid-month, complicated the release of critical government data, creating a murky picture for analysts and policymakers. Despite this, available indicators suggested a continued slowing in the labor market, with employment growth moderating and a reported uptick in the unemployment rate to 4.4% (from the September report). Anecdotal evidence from the Federal Reserve indicated that some districts saw a slight decline in overall economic activity, with consumer spending decreasing, though higher-end retail remained resilient. The general sentiment among consumers remained cautious, largely driven by "affordability" concerns stemming from high costs and inflation.

Inflation remained a central point of discussion, with the Consumer Price Index holding above the Federal Reserve's 2% target, accelerating to approximately 3.0% by September's measure. The Federal Reserve, having cut rates in October, faced a debate about future policy, as a stronger-than-expected September jobs report and continued inflation raised questions about the necessity and timing of any further rate cuts in 2025.

The world remains gripped by geopolitical uncertainty. Major conflicts in Ukraine, Gaza, and Sudan are creating severe global ripple effects. Oil prices are at $59/barrel.