Index of leading US economic indicators rose slightly in February
A widely-followed gauge of the US economy moved slightly higher in February, which was consistent with a considerable moderation in the business cycle but not a near-term downturn, according to one of the country’s best-known think-tanks.
The US Conference Board’s index of leading economic indicators edged higher by 0.1% in February to a level of 123.2 following a decline of 0.2% in the month before and of 0.3% in December.
According to Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board, “although the LEI’s six-month growth rate has moderated considerably in recent months, the outlook remains positive with little chance of a downturn in the near-term.”
An index of coincident indicators published within the same report rose by 0.1% to 113.3 while another composed of lagging ones registered an increase of 0.4%.
Average weekly hours in manufacturing, weekly initial unemployment insurance claims, manufactures so-called ‘core’ orders for capital goods, a gauge of the 500 most common shares’ prices and the spread between the benchmark 10-year US Treasury note were among the ten components making up the LEI.
In February, housing permits, stock prices, consumer expectations, and new orders remained sources of weakness, Ozyildirim said.