Following on the heels of a very positive report from the Federal Reserve, economists are now saying that a recovery is near: Leading indicators show recession bottoming out.

WASHINGTON (MarketWatch) — The U.S. recession is bottoming out and a recovery is near, economists for the Conference Board said Monday after reporting that the index of leading economic indicators rose 0.6% in August, the fifth straight increase.

The coincident index - designed to measure current activity — was flat in August after an upwardly revised 0.1% gain in July, the private research organization said. The increase in July was the first since September 2008 and just the second since the recession began in December 2007. Read the full report.

Five of the 10 leading indicators improved in August, and two others were unchanged. The leading indicators are designed to forecast economic activity about six to nine months ahead.

“These data add further evidence to the growing view (and our long-held belief) that the official end date of the recession is likely to be sometime in the third quarter,” wrote Michelle Girard, an economist for RBS Securities.