The Conference Board said its Consumer Confidence Index declined in December following a modest decline in November, registering 128.1 compared to 136.4.

The group’s Present Situation Index—which is based on consumers' assessment of current business and labor market conditions—declined slightly, from 172.7 to 171.6, and its Expectations Index—which is based on consumers' short-term outlook for income, business and labor market conditions—fell from 112.3 last month to 99.1 this month.

The trend suggests moderating economic growth in the year ahead, according to The Conference Board’s Lynn Franco, senior director of economic indicators.

“Expectations regarding job prospects and business conditions weakened, but still suggest that the economy will continue expanding at a solid pace in the short-term,” Franco said in a statement announcing the December results. “While consumers are ending 2018 on a strong note, back-to-back declines in Expectations are reflective of an increasing concern that the pace of economic growth will begin moderating in the first half of 2019.”

The monthly Consumer Confidence Survey is conducted for The Conference Board by consumer information and analytics firm Nielsen.