The Conference Board released its leading economic index for the U.S. on Thursday. The leading economic index climbed by 0.7% in May, beating expectations a 0.4% gain, after a 0.7% increase in April.

Nine of the ten indicators rose.

The Conference Board economist Ataman Ozyildirim said that the reading indicates more economic expansion in the second half of the year.

"While residential construction and consumer expectations support the more positive outlook, industrial production and new orders in manufacturing are painting a somewhat more mixed picture," he noted.