Consumer Confidence Plunges to 16-Year Low

Consumer confidence fell to a 16-year low this month, the New York-based Conference Board said Tuesday.

The group’s monthly index dropped to a 57.2 reading, from April’s 62.8, the group said. It was the lowest since October 1992.

The level was well below economists’ forecasts of a 60 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.