Consumer Confidence Dips in June

U.S. consumer confidence declined this month, the New York-based Conference Board said Tuesday.

The index dropped to a 103.9 reading from a revised 108.5 in May.

It averaged 105.9 last year, and economists had forecast the June reading to dip to 105, Bloomberg reported.

The survey’s present-conditions index fell to 127.9 from 136.1, while a gauge of expectations for the next six months also fell, to 87.9 from 90.1.

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.