Consumer Confidence Falls Amid Key Holiday Season


U.S. consumer confidence fell in November to its lowest level since June as optimism waned in the short-term outlook for business conditions and jobs, according to a private sector report released on Tuesday.

The Conference Board, an industry group, said its index of consumer attitudes fell to 88.7 from a downwardly revised 94.1 the month before. Economists expected a reading of 96.0, according to a Reuters poll.

October was originally reported as 94.5.

"Consumers were somewhat less positive about current business conditions and the present state of the job market; moreover, their optimism in the short-term outlook in both areas has waned," Lynn Franco, director of economic indicators at The Conference Board, said in a statement.

The expectations index fell in November to 87.0 from October's revised 93.8, and the present situation index fell to 91.3 from a revised 94.4 in October.

Consumers' assessment of the labor market worsened. The "jobs hard to get" index rose to 29.2 percent from 29.0 percent the month before, while the "jobs plentiful" index fell to 16.0 percent from 16.5 percent. (By Caroline Valetkevitch; Editing by Jeffrey Benkoe)