For the sixth consecutive month, the closely watched Conference Board Leading Economic Index increased in September. After a 0.4 percent gain in August, the LEI jumped 1 percent in September, with nearly all the leading indicators moving upward.
"With the sixth consecutive increase, the LEI's six-month growth rate has improved to its highest pace since 1983," said Ataman Ozyildirim, economist at The Conference Board.
The coincident index of current economic conditions also stopped contracting recently and would have grown more but for a continued downtrend in employment, Ozyildirim said.
“These numbers strongly suggest that a recovery is developing. However, the intensity of that recovery will depend on how much, and how soon, demand picks up,” said Ken Goldstein, another Conference Board economist.
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