US consumer confidence has declined for the second month in a row.
The Conference Board's Consumer Confidence Index now stands at 90.4, down from the 99.1 seen last month. The index reached its 2015 peak of 103.8 back in January.
The Conference Board reports that consumers' assessment of current conditions was less positive in November. Those saying business conditions are "good" decreased from 26.8 percent to 24.4 percent. However, those claiming business conditions are "bad" also decreased from 18.3 percent to 16.9 percent.
Consumers were less upbeat about the current state of the job market. Those stating jobs are "plentiful" decreased from 22.7 percent to 19.9 percent, while those claiming jobs are "hard to get" increased to 26.2 percent from 24.6 percent.
Consumers' optimism about the short-term outlook declined sharply in November. The percentage of consumers expecting business conditions to improve over the next six months decreased from 18.1 percent to 14.8 percent, while those expecting business conditions to worsen increased slightly to 11.0 percent from 10.4 percent.
"Consumer confidence retreated in November, following a moderate decrease in October," said Lynn Franco, Director of Economic Indicators at The Conference Board. "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."
The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a global provider of information and analytics around what consumers buy and watch.
Source: The Conference Board