The Conference Board Leading Economic Index for the U.S. increased 0.2 percent in May to 109.5, following a 0.4 percent increase in April, and a 0.4 percent increase in March.

The results indicate moderating economic growth nationwide.

“While May's increase in the U.S. LEI was slower than in recent months, the improvements in a majority of its components offset the declines in leading indicators of labor markets and residential construction,” Ataman Ozyildirim, director of business cycles and growth research at The Conference Board said in announcing the monthly results. “The U.S. LEI still points to solid growth but the current trend, which is moderating, indicates that economic activity is not likely to accelerate.”