The Conference Board released a report on Thursday showing its index of leading U.S. economic indicators increased by slightly more than expected in the month of October.
The report said the leading economic index jumped by 0.9 percent in October after inching up by a revised 0.1 percent in September.
Economists had expected the index to climb by 0.8 percent compared to the 0.2 percent uptick originally reported for the previous month.
“The U.S. LEI rose sharply in October suggesting the current economic expansion will continue into 2022 and may even gain some momentum in the final months of this year,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.
“Gains were widespread among the leading indicators, with only the average workweek and consumers’ outlook making negative contributions,” he added. “However, rising prices and supply chain bottlenecks pose challenges to growth and are not expected to dissipate until well into 2022.”
The Conference Board said the coincident economic index increased by 0.5 percent in October after remaining unchanged in September.
The report showed the lagging economic index also rose by 0.4 percent in October after jumping by 1.0 percent in the previous month.
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