A basket of economic indicators rose in August for the eighth consecutive month.
The Conference Board’s leading economic index rose 0.4% to 128.8 last month. Economists surveyed by The Wall Street Journal expected a 0.3% gain in the index in August.
“While the economic impact of recent hurricanes is not fully reflected in the leading indicators yet, the underlying trends suggest that the current solid pace of growth should continue in the near term,” said Ataman Ozyildirim, director of business cycles and growth research at the Conference Board.
Comprised of 10 components, including initial claims for jobless benefits, factory orders and the S&P 500’s price change, the index is intended to signal swings in the business cycle and to smooth out some of the volatility of individual indicators.
The board’s coincident index — designed to reflect current economic conditions and made up of four data points including nonfarm payrolls — was unchanged in August at 115.8.
The index of lagging indicators rose 0.3% in August after increasing 0.2% in July.
Source: Dow Jones