The index of U.S. leading indicators rose in May for the fourth straight month, showing the economy will gain momentum after a slowdown at the start of 2014.
The Conference Board鈥檚 gauge, a measure of the outlook for the next three to six months, increased 0.5% after a 0.3% gain in April, the New York-based group said June 19. The median forecast of 44 economists surveyed by Bloomberg News called for a 0.6% advance.
鈥淭he economy has some momentum,鈥 said Ryan Sweet, a senior economist at Moody鈥檚 Analytics Inc. 鈥淗ousing is a drag, but the financial components should provide some lift.鈥
Estimates in the Bloomberg survey ranged from gains of 0.2% to 0.8%. The April reading initially was reported as a 0.4% increase.
鈥淭he economy is finally moving up from a 2 % growth trend to a more robust expansion,鈥 Ken Goldstein, economist at the Conference Board, said in a statement. 鈥淕oing forward, the biggest challenge is to sustain the rise in income growth, which will drive consumption.鈥
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