Consumer Confidence Sees Biggest Jump in Six Years

Consumer confidence rose in May in the biggest gain in six years, the New York-based Conference Board said Tuesday.

The group’s monthly index surged to a reading of 54.9, from a revised 40.8 that had originally been reported slightly lower. The gain was the biggest since April 2003.

Economists had forecast that the reading would rise to 42.6, 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.