Consumer Confidence Drops to Record Low

Consumer confidence fell to a record low in December, the Conference Board said Tuesday.

The group’s monthly index fell to a 38 reading, from 44.7 in November, the New York-based group said. The reading is the lowest since records began in 1967, Bloomberg reported.

Unemployment, foreclosures and declining wealth all contributed to the low reading, Bloomberg said.

Economists had forecast that the reading would rise to 45.5 from a previously reported 44.9 in November, Bloomberg said.

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.