US consumer confidence declined again in November after a sharp fall in October, as Americans worried about their future job and earning prospects, the Conference Board said in a report released Tuesday.
The Consumer Confidence Index stands at 70.4 in November, down from 72.4 in October, the New York-based private research organization said in its monthly survey. Economists had expected the index to rise to 72.9.
"Consumer confidence declined moderately in November after sharply declining in October," said Lynn Franco, director of Economic Indicators at the Conference Board, in the report.
"Sentiment regarding current conditions was mixed, with consumers saying the job market had strengthened, while economic conditions had slowed," she said.
Franco also cautioned of a possible "challenging holiday season for retailers" with uncertainties prevailing. "When looking ahead six months, consumers expressed greater concern about future job and earning prospects, but remain neutral about economic conditions," she said.
As for sub indices, the Present Situation Index edged down to 72.0 in November from 72.6 in the prior month, while the Expectations Index declined to 69.3 from 72.2 last month, the report added.
The report showed that consumers' outlook for the labor market was more pessimistic. Those anticipating more jobs in the months ahead fell to 12.7 percent from 16.0 percent.
As for earnings prospects, the proportion of consumers expecting their incomes to increase declined to 14.9 percent from 15.7 percent, while those expecting a decrease in their incomes rose slightly.