A report released by the Conference Board on Thursday showed that its index of leading U.S. economic indicators rose in line with economist estimates in the month of April.
The Conference Board said its leading economic index rose by 0.3 percent in April, matching the downwardly revised increase in March as well as expectations.
"The recent trend in the U.S. LEI, led by the positive outlook of consumers and financial markets, continues to point to a growing economy, perhaps even a cyclical pickup," said Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board.
He added, "First quarter's weak GDP growth is likely a temporary hiccup as the economy returns to its long-term trend of about 2 percent."
Ozyildirim said most of the leading indicators have been contributing positively in recent months but noted housing permits and the average workweek in manufacturing have been the sources of weakness.
The report said the coincident economic index increased by 0.3 percent for the second consecutive month, while the lagging economic index climbed by 0.3 percent in April after inching up by 0.1 percent in March.
by RTT Staff Writer
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