NEW YORK -- The Conference Board reported that the Composite Index of Leading Economic Indicators rose 0.5% in May, following a 0.1% rise in April. Some analysts have concluded that the U.S. economy is on the way to recovery.

Moderate strength in the services industry, as well as a limited recovery in the manufacturing sector, indicates the economy may slowly rebound, according to Ken Goldstein.

The positive contributors to the index were interest rate spread, stock prices, index of consumer expectations, money supply, building permits, and manufacturers' new orders for nondefense capital goods. Vendor performance, average weekly manufacturing hours, and average weekly initial claims for unemployment insurance contributed negatively to the index.