An indicator of U.S. economic activity jumped in June, widely surpassing analyst expectations and suggesting a stronger economic outlook. (Tweet this)
The Conference Board said Thursday its Leading Economic Index rose 0.6 percent to 123.6 in June following a revised reading of an 0.8 percent increase in May, and a 0.6 percent increase in April. Analysts polled by Thomson Reuters forecast that the leading indicators index inched up 0.2 percent in June.
"The upward trend in the US LEI seems to be gaining more momentum with another large increase in June pointing to continued strength in the economic outlook for the remainder of the year," said Ataman Ozyildirim, economist at the Conference Board, in the press release.
"Housing permits and the interest rate spread drove the latest gain in the LEI, while labor market indicators such as average workweek and initial claims remained unchanged."
The LEI is comprised of 10 components including manufacturer' new orders, stock prices, and average weekly initial claims for unemployment insurance. The full report is available at The Conference Board.
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