WASHINGTON 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)