US leading indicators up more than expected in November

The US Conference Board’s leading economic indicators rose more than expected in November.

The index was up 0.4% to 124.6 following a 0.6% gain in October and better than the 0.2% rise economists had expected.

“The US LEI registered another increase in November, with building permits, the interest rate spread, and stock prices driving the improvement,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board.

“Although the six-month growth rate of the LEI has moderated, the economic outlook for the final quarter of the year and into the new year remains positive.”

Ian Shepherdon, chief economist at Pantheon Macroeconomics, said: “The overshoot to consensus reflects the massive 11% leap in building permits reported yesterday; presumably, most LEI forecasts made ahead of the permits numbers incorporated a much smaller increase.”