Consumer Confidence Declines in October

U.S. consumer confidence fell in October, the New York-based Conference Board said Tuesday.

The monthly index declined to a 95.6 reading, from September’s revised 99.5, the group said.

The level was below economists’ forecasts of a 99 reading, Bloomberg reported.

The present conditions index fell to 118.8 from 121.1, and the expectations index, which measures consumers’ outlook for the next six months, fell to 80.1 from 85.

The consumer confidence index is a predictor of consumer spending. When people are feeling less confident about the economy, they are less likely to spend money, which decreases demand for trucking services.

Every month the Conference Board surveys 5,000 households on general economic conditions, their employment prospects and spending plans.