Consumer Confidence Drops in November

U.S. consumer confidence fell this month, the New York-based Conference Board said Tuesday.

The group’s monthly index fell to an 87.3 reading, from October’s revised 95.2, the group said.

The level was below economists’ median forecast of a 91 reading, 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.

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