U.S. Leading Economic Index Unexpectedly Edges Lower In September
19 Oktober 2017 - 12:15PM
RTTF2
For the first time in the last twelve months, the Conference
Board released a report on Thursday showing an unexpected drop by
its index of leading U.S. economic indicators in the month of
September.
The Conference Board said its leading economic index dipped by
0.2 percent in September after climbing by 0.4 percent in August.
Economists had expected the index to inch up by 0.1 percent.
Ataman Ozyildirim, Director of Business Cycles and Growth
Research at the Conference Board, said the unexpected drop by the
index was partly a result of the temporary impact of recent
hurricanes.
"The source of weakness was concentrated in labor markets and
residential construction, while the majority of the LEI components
continued to contribute positively," said Ozyildirim.
He added, "Despite September's decline, the trend in the US LEI
remains consistent with continuing solid growth in the US economy
for the second half of the year."
The modest decrease by the index reflected negative
contributions from average weekly jobless claims, building permits,
average weekly manufacturing hours, and manufacturers' new orders
for non-defense capital goods excluding aircraft.
The downside was limited by positive contributions from the ISM
new orders index, the interest rate spread, the Leading Credit
Index, stock prices, average consumer expectations for business
conditions, and manufacturers' new orders for consumer goods and
materials.
The report also said the coincident economic index crept up by
0.1 percent in September after coming in unchanged in the previous
month.
Positive contributions from personal income less transfer
payments, industrial production and manufacturing and trade sales
were partly offset by a negative contribution from non-farm payroll
employment.
Meanwhile, the Conference Board said the lagging economic index
edged down by 0.1 percent in September following a 0.4 percent
increase in August.
The modest decrease by the index reflected negative
contributions from the average duration of unemployment and the
change in the index of labor cost per unit of output,
manufacturing.
Positive contributions from the change in consumer prices for
services, commercial and industrial loans outstanding and the ratio
of consumer installment credit outstanding to personal income
helped limit the downside.
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