Consumer Confidence Declines in June
This index is a prognosticator of consumer spending. When people are worried about the economy, they are less likely to spend money, which hurts demand for trucking services.
The decline in the consumer confidence index was the largest since October, the first survey after the Sept. 11 attacks. Analysts were expecting the index to decline to 106 from the 109.8 originally reported for May, Bloomberg said.
In another report released Tuesday, sales of U.S. existing homes fell 0.3% in May, the National Association of Realtors said, dropping to a seasonally adjusted annual rate of 5.75 million units last month from a downwardly revised 5.77 million in April.
The Conference Board said its present situation index, which measures the assessment of current conditions, fell to 105.7 from 111.2. A gauge of consumer expectations for the next six months fell to 106.9 from 109.7.
Also, the percentage of people reporting jobs were hard to get rose to a six-year high.
These figures are consistent with other surveys showing confidence dropped in June, including the University of Michigan's national survey, which found consumer sentiment fell in June by the most since September.
The New York-based Conference Board’s report is based on a survey of 5,000 households from June 1 through the start of last week.
