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.

The much bigger than expected decrease by the headline index partly reflected a steep drop by the expectations index, which plunged to 63.2 in November from 71.8 in October.

The Conference Board noted the expectations index has tracked below 80 for ten consecutive months, the threshold under which the gauge signals recession ahead.

The report said the present situation index also slumped to 126.9 in November from 131.2 in October, as consumers were less sanguine about current business and labor market conditions.

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