Key US economic indicators rise in Sept for sixth month
22 October 2009 18:33 [Source: ICIS news]
WASHINGTON (ICIS news)--A key index of US economic performance rose in September for the sixth consecutive month, a leading business group said on Thursday, suggesting that a recovery is taking hold.
The Conference Board, a 92-year-old business analysis group, said that its index of leading economic indicators (LEI) rose by 1% in September to 103.5, its highest level since late 2007 when the recession was just beginning.
The September gain in the LEI followed advances of 0.4% in August and 1% in July.
The LEI index is made up of 10 separate measures of economic activity, including interest rates, stock prices, unemployment levels, consumer expectations and new orders for manufactured goods.
Recent growth of the index suggests a rate of business improvement not seen in 25 years.
“With the sixth consecutive increase, the LEI’s six-month growth rate has improved to its highest pace since 1983,” said Ataman Ozyildirim, a Conference Board economist.
Ken Goldstein, another board economist, said that six straight months of improvement in the LEI “strongly suggest that a recovery is developing”.
At 103.5, the index is at its highest point since the fourth quarter of 2007. Its most recent peak was near the 105 mark in July 2007. The
However, Goldstein cautioned that the solid gains made in the index over the last six months do not guarantee a strong recovery.
“The intensity of the recovery will depend on how much and how soon demand picks up,” he said.
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