Consumer Confidence Slips in September

U.S. consumer confidence declined in September, the New York-based Conference Board said Tuesday.

The index dropped to a 99.8 reading from August’s revised 105.6 reading, the group said in its monthly report.

Economists had forecast a reading of 104.3, 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.

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