The recession is bottoming out and economic activity will likely begin to recover soon, the Conference Board's composite economic indexes suggest, the Conference Board said today (pdf).

After having fallen steadily since reaching a peak in July 2007, The Conference Board Leading Economic Index (LEI) for the US has increased sharply in the last four months, with widespread strength among its components.

As a result, the six-month growth rate in the index has accelerated to its highest rate since the middle of 2004, the Conference Board reported.

Meanwhile, the decline in The Conference Board Coincident Economic Index (CEI) for the US has gradually moderated in recent months, while Lagging Economic Index (LAG) remain unchanged.

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