(RTTNews) - Consumer confidence in the U.S. has unexpectedly deteriorated in the month of December, according to a report released by the Conference Board on Monday.
The Conference Board said its consumer confidence index tumbled to 104.7 in December from an upwardly revised 112.8 in November.
The pullback surprised economists, who had expected the consumer confidence index to rise to 113.0 from the 111.7 originally reported for the previous month.
"The recent rebound in consumer confidence was not sustained in December as the Index dropped back to the middle of the range that has prevailed over the past two years," said Dana M. Peterson, Chief Economist at The Conference Board.
She added, "While weaker consumer assessments of the present situation and expectations contributed to the decline, the expectations component saw the sharpest drop."
The report said the expectations index, which is based on consumers' short-term outlook for income, business, and labor market conditions, plunged to 81.1 in December from 93.7 in November.
The present situation index, which is based on consumers' assessment of current business and labor market conditions, slipped to 140.2 in December from 141.4 in November.
