Consumer Confidence Rises in June

.S. consumer confidence rose this month following a decline in May, the New York-based Conference Board said Tuesday.

The board’s index rose to 105.7 from 104.7 in May that was higher than initially estimated, the group said in its monthly report.

The June level was above economists’ estimates of a 103.8 level, 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 fell to 132.7 from 134.1. A gauge of consumer expectations for the next six months rose to 87.6 from 85.1.

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