The composite index of leading economic indicators rose 0.5% in November following a 0.9% surge in October, the Conference Board reported Thursday.

The coincident index grew 0.1% in November after a 0.2% gain in October, while the lagging index rose 0.1% after a 0.6% increase in October.

The LEI stands at 118.0, the coincident index is at 103.7 and the lagging index is at 110.9. The LEI baseline of 100 reflects the level in 2004. Economists expected the indicators to rise 0.3%.

“The LEI is pointing to continued growth this winter, possibly even gaining momentum by spring,” said board economist Ken Goldstein. “For the second month in a row, building permits made a relatively strong contribution and there is a chance that the long decline in housing is finally slowing.”

“However, this somewhat positive outlook for the domestic economy is at odds with a global economy that appears to be losing steam,” he said. “In particular, a deeper-than-expected recession in Europe could easily derail the outlook for the U.S. economy.”

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