U.S. Leading Economic Index Falls Slightly More Than Expected In October
2024-11-22
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(fxcue news) - A reading on leading U.S. economic indicators fell by slightly more than expected in the month of October, the Conference Board revealed in a report released on Thursday.
The Conference Board said its leading economic index slid by 0.4 percent in October after dipping by a revised 0.3 percent in September.
Economists had expected the leading economic index to fall by 0.3 percent compared to the 0.5 percent decrease originally reported for the previous month.
Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board, said the largest negative contributor to the index's decline came from manufacturer new orders, which remained weak in 11 out of 14 industries
"In October, manufacturing hours worked fell by the most since December 2023, while unemployment insurance claims rose and building permits declined, partly reflecting the impact of hurricanes in the Southeast US," said Zabinska-La Monica. "Additionally, the negative yield spread continued to weigh on the LEI."
She added, "Apart from possible temporary impacts of hurricanes, the US LEI continued to suggest challenges to economic activity ahead."
The report also said the lagging economic index edged down by 0.1 percent in October after falling by 0.3 percent in September, while the coincident economic index was unchanged for a second month in a row.
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