A report released by the Conference Board on Tuesday showed a substantial deterioration by U.S. consumer confidence in the month of November.
The Conference Board said its consumer confidence index tumbled to 88.7 in November from an upwardly revised 95.5 in October.
Economists had expected the consumer confidence index to dip to 93.3 from the 94.6 originally reported for the previous month.
"Consumer confidence tumbled in November to its second lowest level since April after moving sideways for several months," said Dana M Peterson, Chief Economist, The Conference Board. "All five components of the overall index flagged or remained weak."
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