A report released by the Conference Board on Friday showed that its index of leading U.S. economic indicators climbed to its highest level in over a decade in February.
The Conference Board said its leading economic index rose by 0.6 percent in February, matching the increases seen in the two previous months. The index had been expected to rise by 0.4 percent.
"Widespread gains across a majority of the leading indicators points to an improving economic outlook for 2017, although GDP growth is likely to remain moderate," said Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board.
He added, "Only housing permits contributed negatively to the LEI in February, reversing gains over the previous two months."
The report said the coincident economic index increased by 0.3 percent in February after inching up by 0.1 percent in January, while the lagging economic index rose by 0.2 percent for the second straight month.
by RTT Staff Writer
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