July leading economic index up more than expected

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The composite of the Leading Economic Index was up 0.6% in July following a 0.5% gain in June, the Conference Board said Friday.

The coincident index gained 0.2% in July after a 0.3% rise in June, while the lagging index fell 0.2% in July, after a 0.2% increase in June.

The LEI stands at 110.7, the coincident index is at 104.2 and the lagging index is at 105.2 The LEI has a baseline of 100, which reflects the level in 2016.

Economists polled by IFR Markets predicted LEI would be up 0.4% in the month.

“The U.S. LEI increased in July, suggesting the US economy will continue expanding at a solid pace for the remainder of this year,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “The strengths among the components of the leading index were very widespread, with unemployment claims, the financial components, and the ISM New Orders Index making the largest positive contributions.”

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