The Conference Board’s US Leading Economic Index edged up 0.2% in May to a reading of 109.5 (2016 = 100), following increases of 0.4% in both April and March.

“While May’s increase in the U.S. LEI was slower than in recent months, the improvements in a majority of its components offset the declines in leading indicators of labor markets and residential construction,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “The US LEI still points to solid growth but the current trend, which is moderating, indicates that economic activity is not likely to accelerate.”