The Conference Board’s consumer confidence index fell in October to a reading of 98.6 (1985=100), down from 103.5 in September, which marked its highest level since the end of the recession.

“Consumer confidence retreated in October, after back-to-back monthly gains,” said Lynn Franco, director of economic indicators at The Conference Board.

“Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat,” Franco said. “However, consumers’ expectations regarding their income prospects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace.”

Consumers’ appraisal of current conditions softened in October. Those saying business conditions are “good” edged down to 26.2% from 27.7%, while those saying business conditions are “bad” increased to 17.7% from 15.8%.

Consumers’ outlook for the labor market was also less optimistic than in September. The proportion expecting more jobs in the months ahead decreased to 13.1% in October from 15.7% in September. However, those anticipating fewer jobs also declined to 17.0% from 18.1%. In addition, the number of consumers stating that jobs were “plentiful” fell to 24.3% in October from 27.6% in September, while those claiming jobs are “hard to get” also edged down to 22.1% from 22.3%.