The composite index of leading economic indicators met economist expectations in October by growing 0.5%, the Conference Board reported Thursday.
The coincident index grew 0.1% in October, while the lagging index rose 0.1%. The September gain was revised upward to 0.5% from the originally reported 0.3% rise.
Steve Wood, chief economist of Insight Economics, said the LEI components supporting the October gain included the improving stock market, real money supply, consumer expectations, factory workweek, and yield curve. The negatives were accelerated vendor deliveries and fewer capital spending orders.
“Coincident indicators, the best monthly measure of whether the economy is growing or not, rose slightly after being unchanged in August and September, suggesting that economic growth is resuming after stagnating over the summer,” Wood said.