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Consumer confidence fell to a record low in October as stocks plunged and the credit crisis worsened, the New York-based Conference Board said Tuesday.

The group’s monthly index fell to a 38 reading, from 61.4 in September. The reading is the lowest since records began in 1967, the group said.

The level was far below economists’ forecasts of a 52 reading, 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.