Consumer confidence fell to a new record low in February, the Conference Board said Tuesday.
The group’s monthly index fell to a 37.4 reading, from 37.7 in January, the New York-based group said. The reading is the lowest since records began in 1967, Bloomberg reported.
The millions of job losses seen around the country were a likely factor in the decline, Bloomberg said.
Economists had forecast that the reading would fall to 35, 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.
Transport Topics