A key economic barometer — the Consumer Board's leading indicators — "rose sharply in April," the research group just reported. It was the first increase in seven months.

It says the index increased 1% in April from March.

Update at 3:30 p.m. ET. As NPR's Jim Zarroli reports:

The index forecasts where the economy will be three to six months. The numbers suggest that while the recession could continue in the near term, the declines will be less intense and that growth could improve during the second half of this year.

Correction: Earlier, we mistakenly linked to the Conference Board's most recent report on consumer confidence.