The Conference Board published a report on Thursday indicating an increase in its assessment of leading U.S. economic indicators for the first time in more than two years during November.
According to the report, the leading economic index experienced a 0.3 percent rise in November, following a 0.4 percent decline in October. This was unexpected by economists, who had anticipated a slight decrease of 0.1 percent in the index.
"The US LEI rose in November for the first time since February 2022," stated Justyna Zabinska-La Monica, Senior Manager of Business Cycle Indicators at The Conference Board.
She explained that the increase in the LEI was driven by a rebound in building permits, continued support from equities, an improvement in the average hours worked in manufacturing, and a reduction in initial unemployment claims.
Additionally, the Conference Board reported a 0.1 percent uptick in the coincident economic index for November, consistent with the growth rate observed from July through October. The lagging economic index also saw an increase, climbing by 0.3 percent in November, after a 0.1 percent decrease in the preceding month.
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