NEW YORK (UPI) — The U.S. index of leading economic indicators rose 0.2 percent in October, climbing to 97.5, the Conference Board said Wednesday.
The Leading Economic Index rose for the fourth consecutive month, which indicates some “strengthening conditions in the underlying economy,” said Ken Goldstein, an economist at The Conference Board.
“However, headwinds still persist from the labor market, accompanied by business caution and concern about federal budget battles. The biggest challenge to date has been relatively weak consumer demand, which continues to be restrained by weak wage growth and slumping confidence,” Goldstein said.
The index is a comparison to economic conditions in 2004, which have been assigned a value of 100.
In October, the Coincident Economic Index, which measures current economic conditions, rose 0.2 percent to 106.9.