Bellwether indicators hint end of recession

The Commerce Department reported Wednesday that its index of leading economic indicators rose in May for the third consecutive month, a trend the White House says could signal the end of the recession.

The Reagan administration is counting on a 10 percent cut in personal income taxes and a 7.4 percent increase in social security payments, both scheduled to take effect today (July 1), to spur economic recovery. The index, designed to forecast economic trends, was up 0.3 percent last month.