NEW YORK, June 17 (UPI) -- The U.S. index of leading economic indicators rose 0.8 percent in May after falling 0.3 percent in April, the Conference Board said Thursday.
Reflecting an economic recovery that held promise at the first of the year, then floundered, the index rose 0.7 percent in March before dropping in April.
The Leading Economic Index in May rose to 114.7 with the largest improvements coming from the interest rate spread, consumer expectations and housing permits, the research group said.
In a statement, Conference Board economist Ken Goldstein said, "Modest economic growth is being buffeted by some strong headwinds, including high gas and food prices and a soft housing market. The economy will likely continue to grow through the summer and fall; however, it will be choppy."
Economist Ataman Ozyildirim at the Conference Board added, "Overall, despite short-term volatility, the composite indexes still point to expanding economic activity in the coming months."
The Conference Board's Coincident Index, which measures current conditions, rose 0.1 percent in May, reaching 102.9 after falling 0.1 percent in February, 0.2 percent in March and rising 0.1 percent in April.
