Leading Economic Indicators Increase for Eighth Straight Month

We had more positive economic news this morning. The Index of Leading Economic Indicators, which looks at economic growth over the next three to six months, rose by 0.9% which was higher than expectations.

Economists forecast the leading indicators index would increase 0.7 percent, according to the median of 61 estimates in a Bloomberg News survey. Projections ranged from a gain of 0.5 percent to 1.2 percent.

Six of the 10 indicators in today’s report contributed to the gain, led by the difference between short- and long-term borrowing costs and fewer jobless claims. A longer factory workweek, higher stock prices, more building permits and a rise in money supply also helped the index. Weaker consumer expectations, faster supplier deliveries and fewer capital goods orders were a drag on the index. Consumer goods orders had no effect on the index.

The economy still needs to get much better for it to create more jobs.

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