An index forecasting economic conditions in the United States has increased, but doesn’t fully reflect the potential effects of the Russian invasion of Ukraine.

The Conference Board reported its Leading Economic Index (LEI) increased three-tenths of a percent to 119.9 in February. A separate measure of current conditions also increased, while a measure of past performance remained unchanged.

The war in Ukraine could slow economic growth, said Ataman Ozyildirim, senior director of economic research at the Conference Board. “The global economic impact of the war on supply chains and soaring energy, food and metals prices — couple with rising interest rates, existing labor shortages and high inflation — all pose headwinds to U.S. economic growth.”

The Conference Board projects gross domestic product — the broad measure of goods and services produced in the country — to grow 3 percent on a year-over-year basis in 2022.

The LEI has increased 2.1 percent over the past six months, down from 5.4 percent over the six-month span before that. Strength among leading indicators remains widespread, though.

By comparison, GDP grew at an annual rate of 7 percent in the fourth quarter of 2021 and 2.3 percent in the third quarter.

For February, seven of 10 indicators of the LEI increased, including average weekly manufacturing hours, interest rate spread,  leading credit and new orders indexes and new orders for capital and consumer goods. A decline in average weekly initial claims for unemployment benefits also bolstered the index. Building permits, consumer expectations and stock prices declined.

The Coincident Economic Index rose four-tenths of a percent to 108. The index has increased 1.5 percent over the past six months.

For February, all four indicators advanced: industrial production, nonfarm payrolls, personal income and sales.

The Lagging Economic Index held steady at 110.3. The index has increased 1.3 percent over the past three months.

For February, two of seven indicators advanced — consumer credit and the cost of services. Commercial and industrial financing and inventories declined. An increase in the average duration of unemployment also pulled down the index. The average prime rate charged by banks held steady, as did the cost of labor.