Reflecting positive contributions from the yield spread, stock prices, and building permits, the Conference Board released a report on Thursday showing that its index of leading U.S. economic indicators rose by slightly more than expected in October.
The Conference Board said its leading economic index climbed by 0.6 percent in October after edging down by a revised 0.1 percent in September.
Economists had expected the index to rise by 0.5 percent compared to the 0.2 percent drop originally reported for the previous month.
Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board, said, "Despite lackluster third quarter growth, the economic outlook now appears to be improving."
"While the U.S. LEI's six-month growth rate has moderated, the U.S. economy remains on track for continued expansion heading into 2016," he added.
The bigger than expected increase by the leading economic index reflected positive contributions from nine of the ten indicators that make up the index.
The interest rate spread, stock prices, building permits, the Leading Credit Index and average weekly manufacturing hours made some of the largest positive contributions.
The Conference Board also said the coincident economic index rose by 0.2 percent in October after inching up by 0.1 percent in September.
The increase reflected positive contributions from employees on non-farm payrolls, personal income less transfer payments and manufacturing and trade sales.
The report said the lagging economic index also edged up by 0.2 percent in October following a 0.6 percent increase in September.
Commercial and industrial loans outstanding, the ratio of consumer installment credit outstanding to personal income, and the change in consumer prices for services were among the positive contributors.
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