The Conference Board announced on Tuesday its U.S. consumer confidence fell 5.3 points to 96.1 in November from 101.4 in October.

Economists had expected consumer confidence to come in at 98.0.

October’s consumer confidence reading was revised up from originally estimated 100.9.

The survey showed that the expectations index dropped from 98.2 last month to 89.5 this month. Meanwhile, the present situation index edged down from 106.2 in October to 105.9.

“Consumer confidence declined in November, after remaining virtually flat in October,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ assessment of present-day conditions held steady, though consumers noted a moderation in business conditions, suggesting growth has slowed in Q4. Heading into 2021, consumers do not foresee the economy, nor the labor market, gaining strength. In addition, the resurgence of COVID-19 is further increasing uncertainty and exacerbating concerns about the outlook.”