Pointing to more pep in the pace of economic activity in the near term, the Conference Board released a report on Thursday showing that its index of leading U.S. economic indicators rose by slightly more than expected in the month of August.

The Conference Board said its leading economic index rose by 0.7 percent in August following a revised 0.5 percent increase in July. Economists had expected the index to increase by 0.6 percent, matching the growth originally reported for the previous month.