The New York-based Conference Board said today that its U.S. Composite Index of Leading Economic Indicators rose a sluggish 0.1% to 138.3 in July, following a revised increase of 1.2% to 138.1 in June.

The index was unchanged in May.

The July results were in line with economic analysts’ projections.

The July figures “suggest moderate growth into the fall,” Ken Goldstein, the board’s chief economist, said in a news release.

He added that “the spike in energy prices is one factor in this outlook.” And, he said, both businesses and consumers appeared to be more cautious about spending and investment decisions.

The Conference Board’s report said that six of the 10 indicators that make up the index contributed to July’s increase. They were a drop in claims for unemployment insurance, the interest rate spread, stock prices, building permits, consumer expectations and manufacturers’ orders for nondefense capital goods.

Negative contributors were vendor performance, the money supply and manufacturers’ new orders for consumer goods. Weekly manufacturing hours were unchanged.

The index of coincident indicators, designed to reflect current economic activity, advanced 0.1% in July to 120.8 after rising 0.3% in June to 120.7.

The index of lagging indicators, measuring past activity, climbed 0.3% for the third consecutive month to 120.0 in July from 119.7 the month before.

Meanwhile, the U.S. Labor Department said the number of newly laid off Americans filing for unemployment benefits rose slightly last week but still remained at levels indicating a strong labor market.

The department said applications for unemployment benefits totaled 316,000 last week, a gain of 6,000 from the previous week.

That increase was above the 2,000-person rise that economists had expected.