US Economic Outlook: November 2025

The November Board North America Economic Outlook shows an economy still expanding, yet increasingly defined by transition. Resilient consumer spending and selective investment are supporting growth—but beneath the surface, uneven demand, policy uncertainty, and labor softening are reshaping the business landscape.

With inflation gradually easing and the Fed adopting a cautious easing cycle, companies are balancing optimism with vigilance. This is a time for disciplined liquidity, strategic flexibility, and data-driven planning.

In this outlook:

• U.S. growth moderates amid uneven demand
• Inflation eases but remains above target
• Labor markets soften, prompting policy recalibration
• Wealth effects continue to sustain spending at the top

As 2026 approaches, success will come from continuous forecasting and scenario agility—core strengths of the Board platform for connected planning and performance management.