Suggesting a modest expansion by the U.S. economy before the government shutdown, the Conference Board released a report on Wednesday showing that its index of leading economic indicators rose in line with estimates in the month of September.
The Conference Board said its leading economic index rose by 0.7 percent in September following a matching increase in August. The continued increase by the index also matched economist estimates.
Ken Goldstein, an economist at the Conference Board, said, "The September LEI suggests the economy was expanding modestly and possibly gaining momentum before the government shutdown."
"Beyond the immediate fallout of the shutdown, the biggest challenge is whether relatively weak consumer demand, pinned down by weak wage growth and low levels of confidence, will recover during the final stretch of 2013 and into 2014," he added.
The report said the increase by the leading economic index reflected positive contributions from seven of the ten indicators that make up the index.
The interest rate spread, average weekly initial jobless claims, the Leading Credit Index, and the ISM new orders index were among the biggest positive contributors.
The Conference Board also said its coincident economic index edged up by 0.2 percent in September after rising by 0.3 percent in August. All four indicators that make up the coincident economic index increased in September.
The lagging economic index also rose by 0.6 percent in September following a 0.3 percent increase in the previous month.
The increase by the lagging index was partly due to positive contributions from commercial and industrial loans outstanding and the change in consumer prices for services.
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