Massachusetts employers remained cautiously optimistic about their prospects last month, according to confidence index results released Tuesday.

Associated Industries of Massachusetts reported that its business confidence index lost 0.3 points, settling at 60.6 in November, well above the neutral mark of 50. The index reading in November was one point lower than in November 2018 and three points higher than its reading in January.

AIM Board of Economic Advisors Chair Raymond Torto said the index this year “has drifted up and down amid a swirl of economic and political uncertainties.” The Massachusetts economy contracted slightly in the third quarter while the U.S. economy grew at a 1.9 percent annualized rate. Low unemployment, which is creating labor constraints in Massachusetts along with the state’s high housing costs, and the trade war between U.S. and China were cited as major variables.

Among the eight indicators that make up the larger index, the biggest over-the-year changes were in the U.S. index, which was down 4.5 points, and the manufacturing index, down 3.1 points. The employment indicator was the only one that’s up from a year ago, by 1.3 points.