Consumer Confidence Falls in January

Consumer confidence declined in January, the New York-based Conference Board said Tuesday.

The group’s monthly index fell to an 87.9 reading, from December’s 90.6, the group said.

The level was below economists’ forecast of an 87 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.