Consumer Confidence Gains in May

Consumer confidence improved in May, the New York-based Conference Board said Tuesday.

The rise to a 108 reading from 106.3 in April was higher than economists’ forecasts of a decline to 105, Bloomberg reported.

The index average 105.9 last year.

The survey’s present-conditions index rose to 136.1 from 133.5, while a gauge of expectations for the next six months rose to 89.2 from 88.2.

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.