Leading economic indicators rise 0.4 percent, meet expectations

• A key economic indicator met expectations in November.
• The index is a closely followed indicator for how healthy the U.S. economy is.

A shopper makes a purchase at the J.C. Penney department store in North Riverside, Illinois.

Kamil Krzaczynski | Reuters

A key economic indicator met expectations in November, forecasting continued economic growth into 2018.

Leading indicators rose by 0.4 percent, meeting the estimates of economists polled by Reuters.

The rising index suggests "solid economic growth will continue into the first half of 2018," said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board.

"In recent months, unemployment insurance claims have returned to pre-hurricane levels. In addition, improving financial indicators, new orders in manufacturing and historically high consumer sentiment have propelled the U.S. LEI even higher," Ozyildirim added.

In October, the index rose by 1.2 percent, doubling economist expectations and reversing a slight decline from the previous month, according to the Conference Board.

The Index of Leading Economic Indicators is a closely followed indicator used to forecast global economic trends and take a pulse on the U.S. economy. The Conference Board determines a composite value based on 10 key metrics, including manufacturers' new orders, stock prices and average weekly unemployment claims to create the composite value.