The Conference Board said on Thursday that the U. S. index of leading economic indicators in May suggests slow, but continued economic growth for 2010.

The Leading Economic Index, after falling flat in April, rose 0.4 percent in May to 109.9, the 13th month of increases out of the past 14 months.

The Conference Board's Chief Economist Bart van Ark said in a statement, "The index points to continued, though slower, U. S. growth for the rest of this year."

He further said, "Public debt and deficits weigh heavily on growth prospects on both sides of the Atlantic. We project a serious slowdown in European growth in 2011, which could further weaken the U. S. outlook."

The Conference Board also revealed that the Coincident Index measuring current business conditions also rose 0.4 percent, reaching 101.3 in May. (With Inputs from Agencies)