Conference Board economist Ataman Ozyildirim said: "The LEI for the US has risen rapidly for almost a year now and it has reached its highest level.

"But, the sharp pick up in the LEI appears to be stabilising.

"As the economy moves from recovery into early phases of an expansion, the leading economic index points to moderately improving economic conditions in the near term.

"Correspondingly, the coincident economic index has been rising since July 2009, albeit slightly because of continued weakness in employment."

Conference Board economist Ken Goldstein added: "The indicators point to a slow recovery this summer.

"Going forward, the big question remains the strength of demand.

"Without increased consumer demand, job growth will likely be minimal over the next few months."

The Conference Board Coincident Economic Index (CEI) for the US rose 0.1% in February, following no change in January, and a 0.1% increase in December.

The Conference Board Lagging Economic Index (LAG) increased 0.3% in February, following a 0.2% decline in January, and a 0.4% decline in December.