Consumer Confidence Falls to Five-Year Low

Consumer confidence fell this month to a five-year low, the New York-based Conference Board said Tuesday.

The group’s monthly index fell to a 64.5 reading, from February’s revised 76.4, the group said.

The confidence level was well below economists’ forecasts of a 73.5 reading, Bloomberg reported.

The survey’s expectations index, which gauges the outlook for the next six months, plunged to 47.9, the lowest level since 1973.

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.

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