Index shows uptick in economy

The Conference Board Inc.'s index of leading indicators, a key gauge of economic activity, perked up 0.1% in March, following five consecutive monthly declines. The index is designed to forecast economic activity in the next three to six months, based on 10 economic components. Five of the 10 indicators that make up the index increased in March, including average weekly manufacturing hours and manufacturers’ new orders for consumer goods. The negative contributors to the index included weekly initial claims for unemployment insurance, building permits, stock prices and the index of consumer expectations. During the six months ended in March, the leading index fell 1.6%, with three out of 10 components advancing. The increase follows declines in January and February of 0.4% and 0.3%, respectively. “The current behavior of the composite indexes suggests that economic weakness is likely to continue in the near-term,” the New York-based Conference Board said in a statement.