Leading indicators increased 0.6 percent in June, beating estimates for a 0.4 percent rise according to economists polled by Reuters. This is up from a gain of 0.3 percent in the prior month, according to the Conference Board.
The index is a closely followed indicator for how healthy the U.S. economy is, CNBC explained.
The Conference Board tracks 10 components, including manufacturers’ new orders, stock prices and average weekly initial claims for unemployment insurance.
“The U.S. LEI rose sharply in June, pointing to continued growth in the U.S. economy and perhaps even a moderate improvement in GDP growth in the second half of the year,” said Ataman Ozyildirim, director of business cycles and growth research at the board.