Confidence among U.S. consumers fell unexpectedly in December to 52.5 from a revised 54.3 in November. Economists had expected a reading of 56.3. The decrease indicates a risk to spending, despite holiday spending being at its highest level since 2005.

The decline was primarily due to worries about the job market. The number of Americans that said jobs are “hard to get” climbed to a 10-month high to 46.8% from 46.3% in November. Respondents expecting more jobs to become available in the next six months decreased to 14.3.

Stocks wiped out earlier gains in the aftermath of the report and the dollar remained lower against the yen.