A closely watched gauge of future U.S. economic activity edged lower in September. The U.S. Conference Board said its index of leading indicators fell 0.2% last month to 113.0.

Conference Board economist Ken Goldstein said an slight rise in the coincident index in September, along with the previous four consecutive increases in the leading index, showed the economy remained poised for more growth.

“The leading index, after improving for four straight months, dipped in September. Both series, however, remain on growth paths and so should the overall economy over the next few months,” Goldstein said in a news release.

The leading index, which foreshadows economic activity in the next three to six months, is still 2.3% above its recent low in March.

The Conference Board said while economic growth has picked up in recent months — as predicted by its leading index — there may still be bumps on the road to complete recovery.

“While it is not likely that September’s small decline indicates that the recent upward trend in the leading index has ended, a continuation of stronger economic growth would be called into doubt if the leading index does not turn up again,” the board said in its report.

The Conference Board said the coincident index rose 0.1% in September after being unchanged in August. The lagging index, a measure of past trends in the economy, fell 0.5% last month after an unchanged August reading.

It said four of the ten components that make up the leading index rose in September. The positive contributors were average weekly manufacturing hours, stock prices, manufacturers’ new orders for consumer goods and materials, and manufacturers’ new orders for non-defense capital goods — showing signs of life are finally emerging in America’s beleaguered factory sector.

A drop in the real money supply was the largest negative component.