U.S. activity gauge at five-year high, shows economic resilience

WASHINGTON Thu Jun 20, 2013 11:08am EDT

WASHINGTON (Reuters) - A gauge of future economic activity touched its highest level in nearly five years in May as a strengthening housing market continues to lend support to the overall economy.

The Conference Board said on Thursday that its Leading Economic Index increased 0.1 percent to 95.2 last month, the highest level since June 2008.

While the increase in the index was less than economists' expectations for a 0.2 percent gain, it followed a solid 0.8 percent rise in April.

"Despite the month-to-month volatility, the LEI's six month growth rate remains steady, suggesting that conditions in the economy remain resilient," said Ataman Ozyildirim, an economist at The Conference Board.

"Widespread gains in the leading indicators over the last six months suggest there is some upside potential for economic activity in the second half of the year."

(Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)

Recommended Newsletters

Reuters U.S. Top News
A quick-fix on the day's news published with Reuters videos and award-winning news photography and delivered at your choice of one of four times during the day.
Reuters Deals Today
The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.
Reuters Technology Report
Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents.