Consumer Confidence Reaches New Record Low

Consumer confidence fell to a new record low in January, the Conference Board said Tuesday.

The group’s monthly index fell to a 37.7 reading, from 38.6 in November, the New York-based group said. The reading is the lowest since records began in 1967, Bloomberg reported.

Continuing layoffs, a housing slump, pessimism and the U.S. recession all contributed to the record low reading, Bloomberg said.

Economists had forecast that the reading would rise to 39 from a previously reported 38 in December, Bloomberg said.

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.