The latest batch of economic figures from the US show signs that the country's economy is improving.
The Conference Board's index of leading indicators rose 1.2% in May after a revised 1.1% increase in April. The increase was the second in a row and the largest since a 1.4% jump in March 2004.
The index is supposed to forecast economic trends six to nine months ahead. 'The recession is losing steam,' said Ken Goldstein, a Conference Board economist. 'Confidence is rebuilding and financial market volatility is abating.'
Meanwhile, the number of US workers filing new claims for jobless benefits rose last week but the number of people staying on benefit after collecting an initial week of aid fell for the first time since January.
Initial claims for state unemployment insurance rose 3,000 to a higher than expected 608,000, the Labor Department said. But continued claims tumbled 148,000 to a smaller than anticipated 6.69 million in the week to June 6, the latest week for which data is available. It was the lowest since May 9, and the largest one-week drop since November 2001.
