Consumer Confidence Slips in March

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Consumer confidence fell in March from a five-year high last month, the New York-based Conference Board said Tuesday.The reading fell to a 107.5 from a 111.2 level in February, the group said.Economists had predicted a decline to 108.5, Bloomberg reported.The survey’s present-conditions index rose to 137.6, the highest since August 2001, from 137.1 in February. 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. Every month the Conference Board surveys 5,000 households on general economic conditions, their employment prospects and spending plans.