U.S. Leading Economic Index Climbs More Than Expected In April
May 19 2016 - 6:29AM
RTTF2
An index of leading U.S. economic indicators increased by more
than expected in the month of April, the Conference Board revealed
in a report released on Thursday.
The Conference Board said its leading economic index climbed by
0.6 percent in April, while revised data showed no change in
March.
Economists had expected the index to rise by 0.4 percent
compared to the 0.2 percent uptick originally reported for the
previous month.
"The U.S. LEI picked up sharply in April, with all components
except consumer expectations contributing to the rebound from an
essentially flat first quarter," said Ataman Ozyildirim, Director
of Business Cycles and Growth Research at the Conference Board.
He added, "Despite a slow start in 2016, labor market and
financial indicators, and housing permits all point to a moderate
growth trend continuing in 2016."
The increase by the index came as nine of the ten indicators
increased in April, with the interest rate spread, average weekly
manufacturing hours, and average weekly initial jobless claims
making the biggest positive contributions.
The Conference Board said the only negative contributor was
average consumer expectations for business conditions.
The report also said the coincident economic index increased by
0.3 percent in April after showing no change in March.
All four indicators that make up the index increased during the
month, with industrial production making the biggest positive
contribution.
The Conference Board said the lagging economic index also rose
by 0.3 percent in April following a 0.5 percent increase in
March.
Positive contributions from the average duration of unemployment
and commercial and industrial loans outstanding played a big part
in the increase by the index.
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