Consumer Confidence Retreats in June

Consumer confidence fell in June after seeing a big rise in May, the New York-based Conference Board said.

The group’s monthly index fell to 49.3 from a revised 54.8 reading in May that was slightly lower than originally reported.

May’s reported gain had been the biggest since April 2003.

Economists had forecast that the reading would rise to 55.3, 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.