Consumer Confidence Rises In November After Record Low

Consumer confidence unexpectedly rose in November as falling gasoline prices provided relief for consumers, the Bloomberg said Tuesday.

The group’s monthly index rose to a 44.9 reading, from 38.8 record low in October, the New York-based Conference Board said. The reading is the second-lowest since 1974, Bloomberg reported.

Economists had forecast that the reading would not change from the 38 originally reported for October, 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.