Thirty-nine depressed outpatients meeting DSM-III criteria for nonmelancholic major depression or dysthymic disorder were treated with 16 weekly individual cognitive therapy sessions. Prior to treatment, they completed the Beck Depression Inventory, the Hopelessness Scale, and the Dysfunctional Attitudes Scale. Independent of knowledge of outcome, the authors chose from these scales items indicating demoralization, that is, that patients perceived their ability to positively affect their own future as too likely to be ineffectual to warrant efforts at change. After cognitive therapy, 20 patients were considered responders (51%) although three quickly relapsed (44% responded and maintained). Nonresponders had significantly higher pretreatment demoralization scores than did responders. These results suggest that high levels of demoralization may predict poor response of depression to cognitive therapy, although the small sample size precluded differentiation of demoralization from hopelessness.