The Leading Economic Index rose after falling flat in June and rising 0.2 percent in May and 0.8 percent in April.
The index is essentially a comparison to economic conditions in 2004, which have been assigned a value of 100.
"Following moderate growth in the last few months, the U.S. LEI picked up in July, with widespread gains among its components," said Conference Board economist Ataman Ozyildirim in a statement.
"The pace of the LEI's growth over the last six months has nearly doubled, pointing to a gradually strengthening expansion through the end of the year. In July, average workweek in manufacturing was the weakest component," Ozyildirim said.
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