Led by building permits and the interest rate spread, leading economic indicators in the U.S. rose by more than anticipated in the month of April, according to a report released by the Conference Board on Friday.
The Conference Board said its leading economic index rose by 0.6 percent in April following a revised 0.2 percent decrease in March.
Economists had been expecting the index to increase by a more modest 0.3 percent compared to the 0.1 percent drop originally reported for the previous month.
Ken Goldstein, an economist at the Conference Board, said, "The index is 3.5 percent higher (annualized) than six months ago, suggesting expansion. However, the biggest risk right now is the adverse impact of cuts in federal spending."
"The biggest positive factor is the potential for improvement in the recovering housing and labor markets," he added. "The biggest unknown is the resiliency in confidence, both consumer and business."
The bigger than expected increase by the leading economic index reflected positive contributions from seven of the ten indicators that make up the index.
Building permits, the interest rate spread, average weekly initial jobless claims, the Leading Credit Index, and stock prices were among the biggest positive contributors.
Meanwhile, negative contributions from average consumer expectations for business conditions, average weekly manufacturing hours and the ISM new orders index limited the upside for the leading index.
The report also showed that coincident economic index edged up by 0.1 percent in April following a 0.2 percent increase in March.
The modest increase by the coincident index reflected positive contributions from personal income less transfer payments, employees on non-farm payrolls and manufacturing and trade sales.
The lagging economic index also inched up by 0.1 percent in April after rising by 0.2 percent in March, with the increase reflecting positive contributions from the average duration of unemployment and the change in unit labor costs.
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