U.S. Leading Economic Index Unexpectedly Increases For First Time In Two Years
21 Março 2024 - 8:17AM
RTTF2
A report released by the Conference Board on Thursday showed its
reading on leading U.S. economic indicators unexpectedly increased
for the first time in two years in February.
The Conference Board said its leading economic index inched up
by 0.1 percent in February after falling by 0.4 percent in January.
Economists had expected the index to decrease by 0.3 percent.
The unexpected uptick marked the first increase by the leading
economic index since February 2022.
"Strength in weekly hours worked in manufacturing, stock prices,
the Leading Credit Index™, and residential construction drove the
LEI's first monthly increase in two years," said Justyna
Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at
The Conference Board.
She added, "However, consumers' expectations and the ISM® Index
of New Orders have yet to recover, and the six- and twelve-month
growth rates of the LEI remain negative."
The Conference Board said the LEI contracted by 2.6 percent over
the six-month period between August 2023 and February 2024, a
smaller decrease than the 3.8 percent decline over the previous six
months.
"Despite February's increase, the Index still suggests some
headwinds to growth going forward," said Zabinska-La Monica. "The
Conference Board expects annualized US GDP growth to slow over the
Q2 to Q3 2024 period, as rising consumer debt and elevated interest
rates weigh on consumer spending."
The report also said the coincident economic index rose by 0.2
percent in February after edging up by 0.1 percent in January.
The lagging economic index also climbed by 0.3 percent in
February, matching the increase seen in the previous month.
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