The Conference Board announced on Tuesday its U.S. consumer confidence gauge fell 0.6 points to 125.5 in October from 126.1 in October.

Economists had expected consumer confidence to come in at 127.0.

October’s consumer confidence reading was revised up from originally estimated 125.9.

The survey showed that the expectations rose from 94.5 last month to 97.9 this month, while the present situation index dropped from 173.5 to 166.9.

Lynn Franco, Senior Director of Economic Indicators at The Conference Board, noted, “Consumer confidence declined for a fourth consecutive month, driven by a softening in consumers’ assessment of current business and employment conditions. The decline in the Present Situation Index suggests that economic growth in the final quarter of 2019 will remain weak. However, consumers’ short-term expectations improved modestly, and growth in early 2020 is likely to remain at around 2 percent. Overall, confidence levels are still high and should support solid spending during this holiday season.”