The U.S. Conference Board says the U.S. economy’s health outlook improved for the first time in five months in September as interest rate spreads, supplier deliveries and new orders strengthened.

The think-tank said Monday its monthly forecast of future economic activity rose 0.3%, a better reading than the 0.2% drop expected by Wall Street economists.

“Data on hand reflect a contracting economy, but not one in free fall,” said Ken Goldstein, a labour economist at the Conference Board, in a release.

From March to September, the leading index decreased 1.3% (a -2.5% annual rate), declining modestly slower than the 1.7% decrease (a -3.4% annual rate) that prevailed in the previous six months. However, the weaknesses among the leading indicators have remained widespread over the past six months.