For the second month in a row, the National Restaurant Association's activity index fell slightly — no big surprise given the crummy consumer confidence numbers. But the trade group sees a bright spot in operators' increased optimism for the near future.

Although sales and traffic results softened in May, restaurant operators reported an uptick in capital spending activity. Forty-five percent of operators said they made a capital expenditure for equipment, expansion or remodeling during the past three months, up from 40 percent last month and the highest level in nearly two years.