US consumer confidence dipped again in November as pessimism about the economy and jobs mounted, the Conference Board said today.
The business research firm's latest survey showed the consumer confidence index at 102.9 from a revised 105.1 in October, when confidence had fallen from a recovery in September caused by lower energy prices.
The report was weaker than the figure of 106 expected on Wall Street.
'A tighter labour market and a more guarded short-term outlook have combined to curb consumers' confidence in November,' said Conference Board research director Lynn Franco.
'Despite this retreat in confidence, the overall level of confidence remains favourable and continues to suggest that the economy will expand through the first half of next year,' she added however.
The confidence index - based on a survey of 5,000 households - is watched by economists as a harbinger of consumer spending, which accounts for about two-thirds of US economic activity.
The number of consumers believing jobs are becoming 'hard to get' rose to 22.4% in November from 21.8%, while respondents who feel that economic conditions are 'good' fell to 26.5% from 27.9%.
The survey's present situation index dropped to 123.6 from 125.1 in October. The expectations index of future activity fell to 89.2 from 91.9.
Meanwhile, existing US home sales rose 0.5% in October, surprising analysts with the first increase since February, industry figures show today.
Despite the increase, prices for homes fell last month, suggesting that the US real estate market is still weak after a long period of red-hot growth.
The National Association of Realtors said existing home sales rose slightly to an annualised rate of 6.24 million units in October.
Economists had expected existing home sales to fall to a pace of 6.14 million units from September's upwardly revised 6.21 million.
But the average price of all existing homes fell 3.5% from last year to $221,000, the third consecutive monthly decline. It was the sharpest annual drop and the only time that prices have fallen for three consecutive months since the association began keeping records in 1968.
