The composite index of Leading Economic Indicators was up 0.7% in September following an unrevised 0.7% increase in August, the Conference Board reported Wednesday.

The coincident index gained 0.2% in September after a revised 0.3% rise in August, first reported as a 0.2% increase, while the lagging index grew 0.6% after an unrevised 0.3% gain in August.

The LEI stands at 97.1, the coincident index is at 106.6 and the lagging index is at 119.3 The LEI has a baseline of 100, which reflects the level in 2004.

"The September LEI suggests the economy was expanding modestly and possibly gaining momentum before the government shutdown," said the Conference Board economist Ken Goldstein. "Beyond the immediate fallout of the shutdown, the biggest challenge is whether relatively weak consumer demand, pinned down by weak wage growth and low levels of confidence, will recover during the final stretch of 2013 and into 2014."

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