The Conference Board’s Leading Economic index for the US rose 0.4% in July to a level of 124.3 (2010 = 100) after rising 0.3% in June.

“The US [Leading Economic Index] picked up again in July, suggesting moderate economic growth should continue through the end of 2016,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “There may even be some moderate upside growth potential if recent improvements in manufacturing and construction are sustained, and average consumer expectations don’t deteriorate further.”

Separately, the US Department of Labor reported today that US initial claims for unemployment fell by 4,000 in the week ended Aug. 16 to a level of 262,000. Reuters reports claims fell more than expected last week, reinforcing views of labor market strength that could encourage the Federal Reserve to raise interest rates soon.

The four-week moving average of claims rose by 2,500 to a total of 265,250. The four-week moving average decreases the volatility of the weekly numbers.