Consumer Confidence Index Falls to Seven-Month Low

he Conference Board said Tuesday that its consumer confidence fell to 92.8 in October from a revised 96.7 the month before, the third straight decline and the lowest in seven months.

The index is a prognosticator 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.

Economists expected the index to fall to 94, Bloomberg reported. The Conference Board, a New York-based research group, surveys 5,000 households on general economic conditions, people's employment prospects, and spending plans.

A gauge of optimism about the economic outlook over the next six months plunged to 92 this month from 97.7 in September. Consumers said the job market and their own income prospects would worsen, according to the board.

The board said the percentage that said there would be more jobs available six months from now fell to 16.5 in October from 17.8 in September.

The decline in the Conference Board index is consistent with the Oct. 15 preliminary reading on consumer sentiment from the University of Michigan. The university's index fell to 87.5 from September's 94.2. The final Michigan reading for October is scheduled to be released on Friday.