U.S. Leading Economic Index Rises Slightly More Than Expected In July
(RTTNews) - A reading on leading U.S. economic indicators increased by slightly more than expected in the month of July, according to a report released by the Conference Board on Thursday.
The Conference Board said its leading economic index rose by 0.2 percent in July after edging down by a revised 0.1 percent in June.
Economists had expected the leading economic index to inch up by 0.1 percent compared to the 0.2 percent dip originally reported for the previous month.
Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board, noted most of the index components were positive in July except consumer expectations.
"With the most recent gains, the LEI's six-month growth rate turned positive for the first time in more than four years, suggesting moderate growth ahead," said Zabinska-La Monica.
She added, "The economy should keep expanding, but growth is expected to be driven by business investments in AI, while the higher cost of living may reduce consumer spending, especially by lower- and middle-income households."
The report also said the coincident economic index rose by 0.2 percent in July, matching the increase seen in June. The lagging economic index also climbed by 0.2 percent in July.
