A basket of economic indicators rose in May for the fifth consecutive month.
The Conference Board's leading economic index rose 0.3% to 127 last month. Economists surveyed by The Wall Street Journal expected a 0.3% gain.
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The index reading suggests "the economy is likely to remain on, or perhaps even moderately above, its long-term trend of about 2% growth for the remainder of the year," said Ataman Ozyildirim, director of business cycles and growth research at the Conference Board.
Comprised of 10 components, including initial claims for jobless benefits, factory orders and the S&P 500's price change, the index is intended to signal swings in the business cycle and to smooth out some of the volatility of individual indicators.
Most leading indicators showed improvement except for housing permits, which declined, and the average workweek in manufacturing, which remained stagnant, said Mr. Ozyildirim.
The board's coincident index -- designed to reflect current economic conditions and made up of four data points including nonfarm payrolls -- rose 0.1% last month after climbing 0.3% in April.
The index of lagging indicators rose 0.1% in May after increasing 0.3% in April.
(END) Dow Jones Newswires
June 22, 2017 11:04 ET (15:04 GMT)