U.S. consumer confidence fell for the second straight month in November amid ongoing high inflation, rising interest rates, and layoffs in the tech sector.

The Conference Board reported today that its consumer confidence index fell to 100.2 this month, down from 102.2 in October.

The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — dropped slightly to 137.4 from 138.7 in October.

The data indicate Americans are taking a more gloomy view about the economy. Before the pandemic, the index regularly topped 120. With the cost of food, rent, clothing, and other essentials surging, inflation is near the worst in four decades, increasing 7.7% in October from a year earlier.

Despite the negative outlook, however, most Americans — particularly those with higher incomes — are still spending, fueling a generally healthy start to the winter holiday shopping season last weekend.