Consumer Confidence Hits 5-Year Low

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

The group’s monthly index dropped to a 62.3 reading, from March’s revised 65.9, the group said.

The level was higher than economists’ forecasts of a 61 reading, Bloomberg reported.

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.