June leading economic index up; no economic slowdown seen
The composite of the Leading Economic Index was up 0.2% in June following a revised flat reading in May, the Conference Board said Thursday.
The coincident index gained 0.3% in June after a downwardly revised 0.1% rise in May, first reported as a 0.2% increase, while the lagging index grew 0.3% in June, after an unrevised 0.5% increase in May.
The LEI stands at 109.8, the coincident index is at 103.9 and the lagging index is at 105.4 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 June, pointing to continuing solid growth in the U.S. economy,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “The widespread growth in leading indicators, with the exception of housing permits which declined once again, does not suggest any considerable growth slowdown in the short-term.”