The composite index of Leading Economic Indicators was up 0.8% in November following a revised 0.1% increase in October, the Conference Board reported Thursday.

The coincident index gained 0.4% in November after a revised 0.1% rise in October, first reported as a 0.2% increase, while the lagging index was flat after an unrevised 0.3% gain in October.

The LEI stands at 98.3, the coincident index is at 107.2 and the lagging index is at 119.9 The LEI has a baseline of 100, which reflects the level in 2004.

Economists polled by Thomson Reuters predicted LEI would grow 0.7% in the month.

"November data reflect a U.S. economy that is expanding modestly, discounting some renewal in activity after the government shutdown," said the Conference Board economist Ken Goldstein. "The coincident economic index shows the economy expanding at a relatively slow pace. The trend in the leading economic index is stronger, signaling for some time that the economy is developing forward momentum, and will continue to strengthen through early 2014."

"The LEI continues on a broad-based upward trend, suggesting gradually strengthening economic conditions through early 2014," said Ataman Ozyildirim, an economist at The Conference Board. "Improving labor markets and new orders in manufacturing, combined with strong financial indicators, drove November's gain. However, consumers' outlook for the economy and the drop in housing permits continue to pose risks in 2014."

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