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November consumer confidence comes in at 88.7, down from October

Consumers are feeling the worst about the economy since June.

The Conference Board's Consumer Confidence Index declined in November, the group said Tuesday, despite expectations that lower oil prices would lead to a strong number.

November's 88.7 figure marked a decrease from a revised 94.1 in October. According to Reuters, economists had expected a reading of 96.0 for November. It was the lowest reading since June, when it registered 86.4.

Pedestrians walk past an Old Navy store in New York.
Scott Mlyn | CNBC
Pedestrians walk past an Old Navy store in New York.

October was originally reported as 94.5.

"Consumer confidence retreated in November, primarily due to reduced optimism in the short-term outlook. Consumers were somewhat less positive about current business conditions and the present state of the job market; moreover, their optimism in the short-term outlook in both areas has waned," Lynn Franco, director of economic indicators at The Conference Board, said in a statement. "However, income expectations were virtually unchanged and gas prices remain low, which should help boost holiday sales."

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U.S. markets turned lower after the data's release. The dollar also weakened further compared to the euro and yen.

In the survey, the proportion of consumers saying business conditions were "good" fell from 24.7 percent in October to 24.0 percent in November. Those who said they felt conditions were "bad" rose from 21.3 percent to 22.4 percent.

Consumers' assessment of the labor market worsened. The "jobs hard to get" index rose to 29.2 percent from 29.0 percent the previous month, while the "jobs plentiful" index fell to 16.0 percent from 16.5 percent.

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Earlier Tuesday, the Commerce Department raised its estimate of third-quarter U.S. gross domestic product from a 3.5 percent annual pace to 3.9 percent. Economists surveyed by Reuters had expected the figure would decline to 3.3 percent.

—Reuters contributed to this report.