Consumer Confidence Nears Five-Year High

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U.S. consumer confidence approached a five-year high this month, the New York-based Conference Board reported Tuesday.The rise to a 110.3 from a revised 110 in December was slightly higher than economists’ forecasts, Bloomberg reported.The percentage of respondents who said jobs were plentiful was the highest since August 2001, the Conference Board 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. Every month the Conference Board surveys 5,000 households on general economic conditions, their employment prospects and spending plans.