After reporting an unexpected decline in the previous month, the Conference Board released a report on Thursday showing a rebound by its index of leading U.S. economic indicators in the month of June.
The Conference Board said its leading economic index rose by 0.3 percent in June after edging down by 0.2 percent in May. The increase by the index matched economist estimates.
"The U.S. LEI picked up in June, reversing its May decline," said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board. "Improvements in initial claims for unemployment insurance, building permits, and financial indicators were the primary drivers."
"While the LEI continues to point to moderating economic growth in the U.S. through the end of 2016, the expansion still appears resilient enough to weather volatility in financial markets and a moderating outlook in labor markets," he added.
The report also said the coincident economic index climbed by 0.3 percent in June after coming in flat in May, while the lagging economic index edged down by 0.1 percent following a 0.4 percent increase in the previous month.
by RTT Staff Writer
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