Only 20.1% of consumers said business conditions were good in the U.S., according to the Conference Board’s report.

The board's Consumer Confidence Index slumped to 88.7, a drop of 6.8 points from the prior month for its lowest reading in seven months.

A sluggish job market lowers consumer confidence but may also lead to another rate cut from the US Federal Reserve.

Only 20.1% of consumers said business conditions were good in the U.S., according to the Conference Board’s report.