An indicator of future U.S. economic performance rose slightly in October, in line with expectations.
The Leading Economic Index (LEI) rose 0.1 percent in October, The Conference Board said on Friday. Economists expected the leading indicators index to hit 0.1 percent, according to a Thomson Reuters consensus estimate.
That's a slower growth rate than September's 0.2 percent increase, according to the trade group. Still, the results suggest that the economy will continue expanding into early next year, said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board.
"The interest rate spread and average weekly hours were the main drivers of October's improvement, helping to offset some of the weaknesses in claims for unemployment insurance and new orders," Ozyildirim said in a statement.
A closely followed barometer of economic conditions, the LEI has 10 components including manufacturers' new orders, stock prices and average weekly initial claims for unemployment insurance.