Reflecting positive contributions from all components, the Conference Board released a report on Thursday showing its index of leading U.S. economic indicators increased by slightly more than expected in the month of July.
The Conference Board said its leading economic index advanced by 0.9 percent in July after rising by downwardly revised 0.5 percent in June.
Economists had expected the index to climb by 0.8 percent compared to the 0.7 percent increase originally reported for the previous month.
“The Leading Index’s overall upward trend, which started with the end of the pandemic-induced recession in April 2020, is consistent with strong economic growth in the second half of the year,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.
He added, “While the Delta variant and/or rising inflation fears could create headwinds for the US economy in the near term, we expect real GDP growth for 2021 to reach 6.0 percent year-over-year, before easing to a still robust 4.0 percent growth rate for 2022.”
The report also showed the coincident economic index rose by 0.6 percent in July following a 0.4 percent increase in June.
The Conference Board said the lagging economic index also climbed by 0.6 percent in July after being unchanged in the previous month.