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Financial News: U.S. Leading Economic Index Climbs In Line With

U.S. Leading Economic Index Climbs In Line With Estimates In October

11/19/2020 - 10:50:00 (RTTNews)

(RTTNews) - A reading on leading U.S. economic indicators increased in line with economist estimates in the month of October, according to a report released by the Conference Board on Thursday.

The Conference Board said its leading economic index climbed by 0.7 percent in October, matching the increase seen in the previous month as well as expectations.

Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board, said the continued advance by the index reflected widespread improvements despite weakness from housing permits and consumers' outlook on economic conditions.

"However, the leading index has been decelerating in recent months, which suggests growth will moderate significantly in the final months of 2020, slowing down from the unusually rapid pace in Q3," Ozyildirim said.

He added, "Furthermore, downside risks to growth from a second wave of COVID-19 and high unemployment persist."

The report said the coincident economic index also increased by 0.5 percent in October after rising by 0.4 percent in September.

Meanwhile, the lagging economic index inched up by 0.1 percent in October following a 0.3 percent drop in the previous month.

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