U.S. consumers were feeling glum about the economy in December, according to The Conference Board's monthly gauge.
The Conference Board's index of consumer sentiment fell to a reading of 52.5 this month from an upwardly revised 54.3 in November. Economists had been looking for a reading of 56.
Worries about jobs crept back into consumers' minds this month, with 46.8% of consumers polled saying that jobs are hard to get, up from 46.3% in November, the highest level since February. And 3.9% of those polled said jobs were plentiful, down from 4.3% last month. The unemployment rate rose to 9.8% in November from 9.6% in October.
"Consumers' assessment of the current state of the economy and labor market remains tepid, and their outlook remains cautious," said Lynn Franco, director of the Conference Board's consumer research center. "Thus, all signs continue to suggest that the economic expansion will continue well into 2011, but that the pace of growth will remain moderate."
The index has been below 90, which indicates a healthy economy, since December 2007, when the recession first began.
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