New York, NY, United States (4E) – The Conference Board’s index of leading U.S. economic indicators rose at a faster than expected pace in July, according to a report released Thursday, which suggests growing momentum in the economy.
The leading economic index jumped by 0.9 percent last month following June’s upwardly revised 0.6 percent gain, according to the Conference Board.
Economists had forecast the index to increase by 0.6 percent compared to the initial estimate for the previous month of 0.3 percent gain.
The sharp rise by the leading economic index reflected gains from seven of the ten indicators comprising the index. Among the positive contributors to the figure include average weekly initial jobless claims, building permits, ISM new orders index and interest rate spread.