October Consumer Confidence Falls to Two-Year Low

onsumer confidence fell to a two-year low in October, following the effects of big hurricanes in late August and late September, the New York-based Conference Board said Tuesday.

The group’s index of consumer confidence for October fell to 85 from 87.5 in September. Analysts’ forecasts ranged from 80 to 95.1, 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 percentage of consumers who saw jobs as hard to get rose to 25.3% from 25% in September. The share of consumers who saw jobs as plentiful in October rose to 20.8% from 20.7%.

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