The composite index of Leading Economic Indicators was up 0.5% in December following a revised 0.4% rise in November, first reported as a 0.6% climb, the Conference Board reported Friday.
The coincident index gained 0.2% in December after a revised 0.5% rise in November, first reported as a 0.4% increase while the lagging index grew 0.3% after an unrevised 0.3% rise in November.
The LEI stands at 121.1, the coincident index is at 111.4 and the lagging index is at 115.0 The LEI has a baseline of 100, which reflects the level in 2010.
This month's numbers reflect the annual benchmark revisions, which also changed the baseline to 2010 from 2004, The Conference Board said.
Economists polled by Thomson Reuters predicted LEI would grow 0.4% in the month.
"December's gain in the LEI was driven by a majority of its components, suggesting the short-term outlook is getting brighter and the economy continues to build momentum," said Ataman Ozyildirim, an economist at The Conference Board. "Still, a lack of growth in residential construction and average weekly hours in manufacturing remains a concern. Current economic conditions measured by the coincident indicators show employment and income gains are helping to keep the U.S. economy on a solid expansionary path despite some weakness in industrial production."
