The Conference Board’s US leading economic index rose 0.6% in June to a reading of 123.6 (2010 = 100), following increases of 0.8% in May and 0.6% in April.

“The upward trend in the US [leading economic index] seems to be gaining more momentum with another large increase in June pointing to continued strength in the economic outlook for the remainder of the year,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “Housing permits and the interest rate spread drove the latest gain in the [leading economic index], while labor market indicators such as average workweek and initial claims remained unchanged.”