The Conference Board released its leading economic index for the U.S. on Thursday. The leading economic index dropped by 0.2% in July, missing expectations a 0.2% gain, after a 0.6% increase in June.

Seven of the ten indicators rose.

The Conference Board economist Ataman Ozyildirim said that the index is still pointing to moderate economic growth for the rest of the year.

"Current conditions, measured by the coincident economic index, have been rising moderately but steadily, driven by rising employment and income, and even industrial production has improved in recent months," he noted.