In January, U.S. consumer confidence dropped to its lowest level in 11-1/2 years due to concerns about a slow labor market and high prices, potentially leading to increased spending caution.

Though confidence and consumer spending have been sluggish, economists worry that bad labor market perceptions contributed to the fall. Consumer job availability perceptions were lowest in five years.

“Consumers remained concerned with inflation, affordability, and weak job prospects,” stated Raymond James chief economist Eugenio Aleman. The Conference Board’s consumer confidence index fell 9.7 points to 84.5 this month, the lowest since May 2014. The index was predicted at 90.9 by Reuters economists. The survey ended January 16, when U.S. soldiers captured Venezuelan President Nicolas Maduro.

Dana Peterson, chief economist at the Conference Board, reported that prices and inflation, including oil and gas costs, and food and grocery prices, remained elevated. “Mentions of tariffs and trade, politics and the labor market also ‍rose, and references to health insurance and war edged higher.”