The leading economic index climbed 0.3% in May and offered further proof the U.S. continues to grow at a steady clip, according to a survey produced by the Conference Board. "The U.S. LEI continued on its upward trend in May, suggesting 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 research at the board. A measure of current conditions rose 0.1%. A "lagging" index increased by the same amount. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.
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