The Conference Board Leading Economic Index (LEI) for the U.S. increased 0.3 percent in May to 127, following a 0.2 percent increase in April and a 0.4 percent increase in March.

"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 percent growth for the remainder of the year,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “The improvement was widespread among the majority of the leading indicators except for housing permits, which declined again. And, the average workweek in manufacturing has recently shown no sign of improvement.”

The Coincident Economic Index for the U.S. increased 0.1 percent in May to 115.3, following a 0.3 percent increase in April and a 0.1 percent increase in March.

The Lagging Economic Index for the U.S. increased 0.1 percent in May to 124.2, following a 0.3 percent increase in April and a 0.2 percent increase in March.