An index designed to predict the future health of the U.S. economy posted another solid increase in June, providing further hope that the economy will gain momentum in the second half of this year.

The Conference Board says its index of leading indicators rose 0.6 percent in June following healthy gains of 0.8 percent in May and 0.6 percent in April.

Conference Board economists say the string of solid increases point to continued economic strength for the rest of this year. The June advance was supported by strength in applications for home building permits and favorable interest rates.