The index of U.S. leading economic indicators (LEI) climbed more than forecast in May, showing growth will pick up in the second half of the year.
The 0.7 percent increase in the Conference Board's index, a measure of the outlook for the next three to six months, matched the April advance, the New York-based group said Thursday. The median forecast of economists in a Bloomberg survey called for a 0.4 percent gain. The back-to-back rise was the strongest since the middle of 2014.
The measure corroborates other data showing the economy is healing after backsliding in the first quarter. Faster job gains and signs of a pickup in wages will help provide additional fuel for the world's largest economy.
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