Leading economic index up more than expected in October
The composite of the Leading Economic Index was up 1.2% in October following an upwardly revised 0.1% increase in September, first reported as a 0.2% drop, the Conference Board reported Thursday.
The coincident index gained 0.3% in October after an unrevised 0.1% rise in September, while the lagging index grew 0.2% in October, after an upwardly flat reading in September, first reported as a 0.1% decline.
The LEI stands at 130.4, the coincident index is at 116.2 and the lagging index is at 125.5 The LEI has a baseline of 100, which reflects the level in 2010.
Economists polled by IFR Markets predicted LEI would be up 0.6% in the month.
“The U.S. LEI increased sharply in October, as the impact of the hurricanes dissipated,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “The growth of the LEI, coupled with widespread strengths among its components, suggests that solid growth in the US economy will continue through the holiday season and into the new year.”