A key measure of the U.S. economy’s future performance edged higher in March, following a pause in February.

The U.S. Conference Board said Monday that the composite index of leading economic indicators rose 0.3% in March, following no change in February and a 0.4% rise in January. The report was in line with what analysts were expecting.

The indicator, which forecasts trends in the economy over the next three to six months, is comprised of 10 indicators of future economic activity. Six of those indicators rose last month, including real money supply, building permits and new orders for consumer goods to manufacturers.

Ken Goldstein, an economist at the Conference Board, said the leading index remained on an “upward trend,” auguring well for the economy. “Economic growth in the first quarter was strong and the second quarter may be as good or better.”

The upturn in the leading index in March left the indicator 4.4 per cent higher than its most recent low in March of 2003, though the group noted that growth in the indicator had “slowed somewhat in recent months.”

As well, the Conference Board said its indicator of current economic activity rose for the seventh straight month in March, indicating that momentum was remaining strong going into the second quarter.

Three of the four elements of the Coincident Index were higher in March, including personal income, non-agricultural employment and manufacturing. The only lagging element was industrial production. Overall the index was up 0.2%.