The Conference
Board showed on Thursday its Leading Economic Index (LEI) for the U.S. increased
0.3 per cent m-o-m in November to 99.7 (2016=100), following an unrevised
0.4 m-o-m drop in October.
Economists had expected
a fall of 0.1 per cent m-o-m.
The report also
revealed the Conference Board Coincident Economic Index (CEI) for the U.S. inched
up 0.1 per cent m-o-m to 113.0
in November, the same pace as in the
previous four months.
Meanwhile, its Lagging Economic Index (LAG) for the U.S. rose by 0.3 per cent m-o-m to 118.8, following a 0.1 per cent m-o-m slip in
October.
Commenting on
the latest data, Justyna Zabinska-La Monica, Senior Manager, Business Cycle
Indicators at the Conference Board, noted that the U.S. LEI rose in November
for the first time since February 2022. “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,” she added. Zabinska-La Monica also stressed that the rise in LEI is
a positive sign for future economic activity in the U.S. and revealed that the Conference
Board currently predicts U.S. GDP to expand by 2.7 per cent in 2024, but growth
to slow to 2.0 per cent in 2025.