The composite index of Leading Economic Indicators was up 0.6% in July following an unrevised flat reading in June, the Conference Board reported Thursday.

The coincident index gained 0.2% in July after a revised 0.1% rise in June, first reported as a 0.2% increase, while the lagging index fell 0.2% after a revised 0.2% gain in June, first reported as 0.3% growth.

The LEI stands at 96.0, the coincident index is at 106.3 and the lagging index is at 118.2 The LEI has a baseline of 100, which reflects the level in 2004.

Economists polled by Thomson Reuters predicted LEI would be up 0.5% in the month.

"The improvement in the LEI, and pick up in the six-month growth rate, suggest better economic and job growth in the second half of 2013," said the Conference Board economist Ken Goldstein. "However, the biggest uncertainties remain the pace of business spending and the impact of slower global growth on U.S. exports."

"Following moderate growth in the last few months, the U.S. LEI picked up in July, with widespread gains among its components," said the Conference Board Economist Ataman Ozyildirim. "The pace of the LEI's growth over the last six months has nearly doubled, pointing to a gradually strengthening expansion through the end of the year. In July, average workweek in manufacturing was the weakest component."

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