U.S. consumers were feeling less optimistic about the economy in November, according to a report released Tuesday.
The Conference Board’s Consumer Confidence Index fell to 90.4 in November, missing estimates for 99.5. It was also lower than October’s reading of 99.1.
“The decline was mainly due to a less favorable 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 labor market and expect little change in business conditions,” said Lynn Franco, director of economic indicators at The Conference Board.
The share of Americans surveyed by the Conference Board anticipating more jobs in the coming months fell. Fewer people also expect to see their incomes increase. The percentage describing jobs as “plentiful” declined to 19.9 percent from 22.7 percent.
The decline in the confidence index comes after a robust month of hiring in October. Employers added 271,000 jobs last month as the unemployment rate settled at a healthy 5 percent.
The monthly consumer confidence survey is conducted by Nielsen for The Conference Board.