Leading indicators reflect expanding economy

The index was revised upward to 1 percent in February from an initial estimate of 0.8 percent.

Tugging at the improving numbers are increases in gasoline and food prices, with oil hitting near-record levels causing prices at the pump to reach $4 in some areas and average about $3.83 a gallon nationwide, motor club AAA said. 

Gasoline prices were up 5.6 percent last month and nearly 28 percent in the past year, while food prices were up 0.8 percent in March as prices for fruits and vegetables, dairy products and poultry increased, the government reported last week.

Consumer confidence has fluctuated with the prices increases. Although spending is up, most consumers will have less to spend outside of covering gas and some food costs, analysts say. Consumer spending accounts for 70 percent of economic activity. 

The Conference Board compiles already released economic data about real estate, manufacturing, employment, consumer confidence and financial markets and uses the information to determine the leading indicator index.