The consumer confidence index fell to 88.7 in November from a revised 94.1 last month, The Conference Board reported Tuesday.
The October index was originally reported as 94.5.
The present situation index slid to 91.3 from a revised 94.4, first reported as 93.7, while the expectations index slumped to 87.0 from a revised 93.8, first reported as 95.0.
"Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook," said Lynn Franco, director of The Conference Board's Consumer Research Center. "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. However, income expectations were virtually unchanged and gas prices remain low, which should help boost holiday sales."
Business conditions were called "good" by 24.0% of respondents in November, down from 24.7% in October. Those saying conditions are "bad" rose to 22.4% from 21.3%.
The percentage of consumers expecting a pickup in business conditions in the next half year slipped to 17.6% from 19.4%, while 10.7% said they expect conditions to worsen, up from 8.9% in the prior month.
On the jobs front, those who believe jobs are "plentiful" dipped to 16.0% in November from 16.5% in October, while the number saying jobs are "hard to get" crept to 29.2% from 29.0%. The respondents who see fewer jobs becoming available in a half year, increased to 16.4% from 14.1%. Those expecting more jobs to become available fell to 15.0% from 16.0%, The Conference Board reported.
The consumer confidence survey is based on a probability design random sample by the Nielsen Company.
