US consumer confidence sank for the fourth month in a row in November and to its lowest level in more than two years, according to figures released today. Sentiment fell amid turmoil in the stock markets, rising gasoline prices and a likelihood of higher home heating bill this winter.

The Conference Board, a business research group, said its consumer confidence index fell to 87.3 points, from a revised 95.2 points in October. The drop was much steeper than that expected by Wall Street analysts, who predicted a reading of 91.5.

The index is now at its lowest level since October 2005, when it stood at 85.2 points.

Driving the fall was the American public’s gloomy outlook. The forward-looking sub-index that measures expectations for the next six months plunged in November to 68.7 points from 80.0 points in October.

Consumers anticipating business conditions to worsen increased to 16.7 per cent from 13.9 per cent. Those expecting them to improve declined to 12.4 per cent from 14.0 per cent.

On present conditions, consumers claiming conditions are "good" decreased to 22.3 per cent from 23.2 per cent. Those saying conditions are "bad" increased to 19.1 per cent from 16.6 per cent.

The outlook on the job market also dimmed, with 23.2 per cent saying jobs were "plentiful," down from 24.1 percent in October.

Looking ahead, consumers expected the US economic situation to deteriorate further, up 16.7 per cent from 13.9 per cent in October, and hiring to decline, 23.1 per cent against 20.2 per cent.

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