U.S. Leading Economic Index Inches Higher For Second Straight Month

(RTTNews) - Leading U.S. economic indicators inched higher for the second consecutive month in October, the Conference Board said in a report on Friday.

The Conference Board said its leading economic index crept up by 0.1 percent in October after edging up by 0.2 percent in September. The uptick by the index matched economist estimates.

"Although its six-month growth rate has moderated, the index still suggests that the economy will continue expanding into early 2017," said Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board.

Ozyildirim said positive contributions from the interest rate spread and average weekly hours helped offset weaknesses in claims for unemployment insurance and new orders.

The report said the coincident economic index inched up by 0.1 percent for the second consecutive month, while the lagging economic index rose by 0.2 percent for the second straight month.