U.S. consumer confidence has dropped sharply as persistent worries about jobs tarnished optimism, the U.S. Conference Board said today.

The not-for-profit organization said its February consumer confidence index dropped more than nine points to 87.3, following a rise in January to a revised reading of 96.4 which had been the index’s highest since mid-2002.

Analysts had expected a decline, but the index came in significantly below the consensus expectation of 92.

“Consumers began the year on a high note, but their optimism has quickly given way to caution,” said Lynn Franco, director of the Conference Board’s consumer research.

“Consumers remain disheartened with current economic conditions, and at the core of their disenchantment is the labor market.”