June 17, 2011 10:45 AM, EDT

Leading Indicators Rebound in May

An index of leading economic indicators rebounded in May, climbing 0.8% after dropping for the first time in almost a year, the New York-based Conference Board said Friday.

The drop follows a revised 0.4% decline in April, the group said.

Economists had forecast a 0.3% gain, Bloomberg reported.

The LEI is closely watched by trucking companies because it forecasts business activity for the next three to six months.