The Conference Board announced on Tuesday its U.S. consumer confidence fell 0.4 points to 100.9 in October from 101.3 in September.

Economists had expected consumer confidence to come in at 102.0.

September’s consumer confidence reading was revised down from originally estimated 101.8.

The survey showed that the expectations index dropped from 102.9 last month to 98.4 this month. Meanwhile, the present situation index increased from 98.9 in September to 104.6.

“Consumer confidence declined slightly in October, following a sharp improvement in September,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions improved while expectations declined, driven primarily by a softening in the short-term outlook for jobs. There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high.”