The Conference Board’s consumer confidence index fell in January from a 13-year high in December. The index fell to a reading of 111.8 (1985=100), down from 113.3 in December.

“Consumer confidence decreased in January, after reaching a 15-year high in December (Aug. 2001, 114.0),” said Lynn Franco, director of economic indicators at The Conference Board. “The decline in confidence was driven solely by a less optimistic outlook for business conditions, jobs and especially consumers’ income prospects."

Consumers’ assessment of current conditions, on the other hand, improved in January, according to Franco. “Despite the retreat in confidence, consumers remain confident that the economy will continue to expand in the coming months,” she said.

Consumers’ appraisal of the labor market was more positive than last month, although the outlook for more jobs was somewhat mixed. The proportion expecting more jobs in the months ahead decreased to 19.8% in January from 21.7% in December while those anticipating fewer jobs was virtually unchanged at 14.0%. In addition, the number of consumers stating that jobs were “plentiful” rose to 27.4% in January from 26.0% in December while those claiming jobs are “hard to get” decreased to 21.5% from 22.7%.

The percentage of consumers expecting their incomes to increase fell to 18.0% from 21.5% while the proportion expecting a decrease rose to 9.6% from 8.6%.