After reporting an unexpected drop in its reading on leading U.S. economic indicators in the previous month, the Conference Board released a report on Thursday showing that its leading economic indicators index rose in line with estimates in September.
The Conference Board said its leading economic index edged up by 0.2 percent in September after dipping by 0.2 percent in August.
"The U.S. LEI increased in September, reversing its August decline, which together with the pickup in the six-month growth rate suggests that the economy should continue expanding at a moderate pace through early 2017," said Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board.
The rebound by the leading index partly reflected positive contributions from building permits, the interest rate spread, and unemployment insurance claims.
The strengths among the leading indicators outweighed modest weaknesses in stock prices and the average workweek, Ozyildirim said.
The report also said the coincident economic index rose by 0.2 percent in September after showing no change in August. All four indicators that make up the index increased during the month.
Additionally, the Conference Board said the lagging economic index edged up by 0.2 percent in September, matching the increase seen in August.
The continued increase by the index partly reflected positive contributions from the ratio of consumer installment credit outstanding to personal income and the change in consumer prices for services.
by RTT Staff Writer
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