An index forecasting economic conditions in the United States continues to increase, signaling growth in the months ahead. Separate measures of current and part performance also rose.

The Conference Board reported its Leading Economic Index (LEI) rose 1.6 percent to 113.3 in April, topping its previous peak in January 2020.

“While employment and production have not recovered to their pre-pandemic levels yet, the U.S. LEI suggests the economy’s upward trend should continue and growth may even accelerate in the near term,” said Ataman Ozyildirim, senior director of economic research at the Conference Board.

Gross domestic product, the broad measure of goods and services produced in the country, is forecast to grow at an annual rate of 8 percent to 9 percent, Ozyildirim said. Year-over-year GDP growth should reach 6.4 percent for 2021.

The Leading Economic Index increased 4.7 percent over the past six months while strength among the indicators remained widespread.

By comparison, GDP increased at an annual rate of 6.4 percent in the first quarter and 4.3 percent in the fourth quarter.

For April, eight of 10 components of the index advanced, including building permits, consumer expectations, interest rate spread, leading credit and new orders indexes, new orders for consumer goods and stock prices. A decrease in average weekly initial claims for unemployment benefits also bolstered the index. Average weekly manufacturing hours and new orders for capital goods held steady.

The Coincident Economic Index, a measure of current conditions, rose three-tenths of a percent to 104.1. The index has increased 1.1 percent over the past six months.

For April, all four indicators of the index advanced: industrial production, nonfarm payrolls, personal income and sales.

The Lagging Economic Index, a measure of past performance, rose 1.8 percent to 104.7. The index increased six-tenths of a percent over the past three months.

For April, three of seven components of the index advanced, including consumer credit and cost of services. A decrease in the average duration of unemployment also bolstered down the index. Commercial and industrial financing, cost of labor and inventories retreated. The average prime rate charged by banks held steady.