U.S. Leading Economic Index Rises For First Time Since February 2022

(RTTNews) - The Conference Board released a report on Thursday showing its reading on leading U.S. economic indicators increased for the first time in well over two years in the month of November.

The report said the leading economic index rose by 0.3 percent in November after falling by 0.4 percent in October. Economists had expected the index to edge down by 0.1 percent.

"The US LEI rose in November for the first time since February 2022," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board.

She added, "A rebound in building permits, continued support from equities, improvement in average hours worked in manufacturing, and fewer initial unemployment claims boosted the LEI in November."

The Conference Board also said the coincident economic index inched up by 0.1 percent in November, matching the rate of growth seen in each month between July and October.

The lagging economic index also climbed by 0.3 percent in November after edging down by 0.1 percent in the previous month.