Index of leading indicators rises
An index designed to predict the future health of the economy posted a second straight strong increase in May, indicating the economy should gain strength in the second half of this year.
The Conference Board said its index of leading indicators rose 0.7% in May, matching the gain in April. Both months represented the strongest increase since a 1% rise last July.
The index of leading indicators is composed of 10 forward-pointing indicators. Nine of the 10 showed strength in May led by a big surge in applications for building permits.