A key gauge of the US economy's performance rose in April for the first time in seven months, dpa quoted the private Conference Board as saying Today. The New-York based Conference Board's Leading Economic Index rose 1 per cent after falling a revised 0.2 per cent in March and 0.5 per cent in February. Seven of the 10 indicators that make up the index rose in April. The gauge looks at the direction of the economy in three to six months and has been falling since mid-2007, but the Conference Board said the pace of decline has slowed in recent months. April's increase put the six-month decline of the index at its slowest pace since 2007. Positive developments that pushed up the index included increases in the stock market and consumer confidence and a fall in initial jobless claims. Construction and manufacturing continued to be a drag on the index. A separate gauge of current economic activity, the Coincident Economic Index, fell 0.2 per cent on continued unemployment and drops in industrial production. "Taken together, the behaviour of the composite economic indexes suggests that the contraction in economic activity will continue in the near term, but will likely become less severe in upcoming months," the Conference Board said in a statement.
