Consumer Confidence Falls in November

November 28, 2006 2:00 PM, EST

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.S. consumer confidence fell to 102.9 in November from a revised 105.1 last month, the New York-based Conference Board said Tuesday.

Economists had expected the gauge to rise to a reading of 106, 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 survey’s present-situation index decreased to 123.6 in November from 125.1. A gauge of consumer expectations for the next six months fell to 89.2 from 91.9 last month.

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