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The Conference Board released its consumer confidence index for the U.S. on Tuesday. The index dropped to 90.4 in November from 99.1 in October, missing expectations for a rise to 99.5. October's figure was revised up from 97.6.
The decline was mainly driven by a less favourable assessment of the job market. The percentage of consumers expecting more jobs in the coming months was down to 19.9% in November from 22.7% in October.
The present conditions index fell to 108.1 in November from 112.1 in October.
The Conference Board's consumer expectations index for the next six months decreased to 78.6 in November from 88.0 in October.
"The decline was mainly due to a less favourable view of the job market. Consumers' appraisal of current business conditions, on the other hand, was mixed. Fewer consumers said conditions had improved, while the proportion saying conditions had deteriorated also declined. Heading into 2016, consumers are cautious about the labour market and expect little change in business conditions," the director of economic indicators at The Conference Board, Lynn Franco, said.
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