Consumer Confidence Index Falls in July

he Conference Board said Tuesday its index of U.S. consumer confidence fell unexpectedly in July to a 103.2 reading, from June’s 106.2, as gasoline prices surged to a record.

he decrease was the first since April, and fell short of the 106.3 level predicted by analysts, 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.

The survey’s present situations index fell to 118.5, from 120.8, which was the highest level since September 2001. The expectations index fell to 93 from 96.4, the first decline since April.

The proportion of consumers who saw jobs as hard to get rose to 23.8% in July from 22.5% in June. The share of consumers who saw jobs as plentiful was 22.5%, the same as in June.

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

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