Leading indicators recover in June
A measure of future economic conditions rose last month, according to a new report.
The Leading Economic Index (LEI) increased 0.3 percent to 123.7 in June, The Conference Board said on Thursday. Economists expected the Leading Economic Index to rise 0.2 percent in June, after falling 0.2 percent in May, according to a Thomson Reuters consensus estimate.
The LEI, a closely followed barometer of economic health, has 10 components including manufacturer' new orders, stock prices, and average weekly initial claims for unemployment insurance.
Improvements in initial claims for unemployment insurance, building permits, and financial indicators were the primary drivers, said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board, a trade group.
"While the LEI continues to point to moderating economic growth in the U.S. through the end of 2016, the expansion still appears resilient enough to weather volatility in financial markets and a moderating outlook in labor markets," Ozyildirim said in a statement.