Consumer confidence fell in August by the most in 10 months, the New York-based Confidence Board said Tuesday.
The group’s monthly index decreased to a reading of 60.6 from 65.4 in July, the biggest drop since October.
Economists had forecast a reading of 66, Bloomberg reported.
An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.
An index of the U.S. economy’s service sector declined in June to the slowest pace in almost a year and a half, the Institute for Supply Management said Thursday.
ISM’s monthly services index rose to a reading of 52.1, from 53.7, in May. Figures greater than 50 indicate expansion.
Economists had forecast the index would slip to 53, Bloomberg reported.
The index averaged 56.1 in the five years prior to the recession that began December 2007.
ISM’s services index measures non-manufacturing components of the economy, and the services sector, which includes transportation, retail sales and financial services, accounts for nearly two-thirds of the U.S. gross domestic product.
The consumer price index declined 0.1% in October, the first decrease in four months, the Labor Department said Wednesday.
Economists had projected no change in the government’s main inflation gauge, Bloomberg reported.
The core CPI rate excluding food and energy rose 0.1%, matching September as the smallest increase this year, Bloomberg said.
Almost 60% of the CPI covers prices consumers pay for services. If consumer prices are climbing, it could reflect an increase in demand for consumer goods, which increases the demand for trucking services.
TNT Express NV, Europe’s second largest post company, said its third-quarter earnings fell to about $7 million, from about $19 million a year earlier, Bloomberg reported.
Revenue rose 1.3% year-over-year to about $2.4 billion, said TNT, which reports its earnings in euros.
The unemployment rate declined to a six-month low of 9% in October while the economy added 80,000 jobs, including 3,100 trucking jobs, the Labor Department said Friday.
Total transportation and warehousing sector employment rose by 9,400 workers, Labor figures showed.
Economists had projected the unemployment rate would remain at 9.1%, Bloomberg reported. The number of jobs gained was below economists’ forecasts of 95,000, Bloomberg said.
The payrolls gain followed a revised 158,000 increase in September that was higher than originally reported.
The payroll and unemployment figures are obtained by separate surveys, with payrolls from a survey of employers and the unemployment rate from a survey of households.
Factory employment rose by 5,000, the first increase in three months, while service employment climbed by 90,000 jobs.
Private hiring rose by 104,000 jobs after a revised gain of 191,000 the previous month. Government payrolls decreased by 24,000.
Manufacturing activity in the Chicago area declined in October, the Institute for Supply Management-Chicago said Monday.
The group’s business barometer slipped to a reading of 58.4 this month, from 60.4 in September. Readings over 50 signal expansion.
Economists had forecast the gauge would drop to 59, Bloomberg reported.
Chicago is a major center of U.S. manufacturing, which is one of trucking’s largest and most important customers.
Cooper Tire & Rubber Co. said its third-quarter earnings fell to $17 million, or 27 cents a share, from $45 million, or 71 cents, a year ago.
Sales rose 19% to $1.05 billion, a record for any quarter, the company said Monday.
North America Tire Operations’ net sales climbed 18% to $765 million, while international net sales jumped 30% to $422 million.
USA Truck reported a third-quarter loss and said its board declined to meet with Celadon Group, which recently bought a small stake in the truckload carrier.
The company lost $4.3 million, or 42 cents per share, compared with net income of $600,000, or 6 cents, a year ago.
Revenue rose 9.6% to $130.1 million, the company said Friday.
USA Truck said in August that it was likely to report a third-quarter loss, in part due to implementation of new enterprise management software.
Celadon last week announced it had bought a 6.3% stake in USA Truck and there had been speculation it might seek to gain more.
