The Conference Board's Leading Economic Index increased half a percent in June, beating expectations.

The index rose 0.5 percent in June, edging past expectations for a gain of 0.4 percent, according to economists polled by Reuters. This marks the eight straight month of gains for the index.

“The U.S. LEI increased in June, pointing to continuing solid growth in the U.S. economy,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. “The widespread growth in leading indicators, with the exception of housing permits which declined once again, does not suggest any considerable growth slowdown in the short-term.”

May's flat reading indicated that economic growth would continue steadily but not accelerate, according to the Conference Board's report.

The measurement is used as a checkpoint for U.S. economic conditions and a forecast of global economic trends. The Conference Board, a business research association, determines a composite value based on 10 key metrics, including manufacturers' new orders, stock prices and average weekly unemployment claims, to create the composite value.