Consumer Confidence Index Falls for Second Straight Month

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he Conference Board said Tuesday its index of consumer confidence declined to 102.4 in March from a revised 104.4 in February.

The drop was the second straight decline and was greater than the 103 that analysts had expected, Bloomberg reported.

The index was 88.5 last March and peaked for the year at 105.7 in July. The record was 144.7 in January 2000.

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 the demand for trucking services.

The present situation index slipped to 115.6 from 116.8, which had been the highest since September 2001. The expectations index dropped to 93.7, a four-month low, from 96.1.

The proportion of consumers who saw jobs as plentiful rose to 21.3 from 21.1, and March was the third month in excess of 20. But the level of those saying jobs were hard to get also rose, to a two-month high of 23.8.

Fewer consumers expected to buy homes are automobiles in the next six months, while more expected to buy appliances.

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