Consumer confidence in the U.S. decreased by more than anticipated in the month of October, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index fell to 98.6 in October after climbing to 103.5 in September. Economists had expected the index to drop to 101.0.

"Consumers' assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat," said Lynn Franco, Director of Economic Indicators at the Conference Board.

She added, "Overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace."

The report said the present situation index slid to 120.6 in October from 127.9 in September, as consumers' appraisal of current conditions softened.

Consumers saying business conditions are "good" decreased to 26.2 percent from 27.7 percent, while those saying business conditions are "bad" increased to 17.7 percent from 15.8 percent.

The Conference Board said consumers' assessment of the labor market was also less positive, as those stating jobs are "plentiful" decreased to 24.3 percent from 27.6 percent.

Reflecting a less favorable short-term outlook, the expectations index also dropped to 83.9 in October from 87.2 in September.

The percentage of consumers expecting business conditions to improve over the next six months dipped to 16.0 percent from 17.0 percent, and those expecting business conditions to worsen increased to 12.2 percent from 10.8 percent.

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