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U.S. Leading Economic Index Extends Rebound In June

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Reflecting improvements brought about by the incremental reopening of the economy, the Conference Board released a report on Thursday showing another significant increase by its reading on leading U.S. economic indicators in the month of June.

The Conference Board said its leading economic index jumped by 2.0 percent in June after soaring by an upwardly revised 3.2 percent in May and plunging by 6.3 percent in April.

Economists had expected the index to surge up by 2.5 percent in June compared to the 2.8 percent spike originally reported for the previous month.

Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board, noted labor market conditions and stock prices made particularly strong positive contributions.

"However, broader financial conditions and the consumers' outlook on business conditions still point to a weak economic outlook," Ozyildirim said.

He added, "Together with a resurgence of new COVID-19 cases across much of the nation, the LEI suggests that the U.S. economy will remain in recession territory in the near term."

The report said the coincident economic index spiked by 2.5 percent in June following a 1.6 percent jump in May.

Meanwhile, the lagging economic index tumbled by 2.5 percent in June after slumping by 1.2 percent in the previous month.

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