A gauge of the US economy's prospects rose more strongly than expected to a record high in March, pointing to a steady economic recovery.
The Conference Board said its index of leading economic indicators increased 1.4%, rising for the 12th straight month, after an upwardly revised 0.4% gain in February. Economist had expected only a 1% increase in March.
'The indicators point to a slow recovery that should continue over the next few months,' said Ken Goldstein, an economist at the Conference Board. He added that the strength of consumer demand remained the main uncertain factor.
The coincident index, which measures current economic conditions, edged up 0.1% in March after 0.1% gain in February. The lagging index, which looks at the coming months, rose 0.2% after a 0.1% increase in February.
