Prior month revised to 0.2% from 0.3%
The US leading index for May increased by 0.3%. The index has been positive for 9 consecutive months (last decline was a -0.1% fall in August 2016).
8 of the 10 components were higher including interest rate spread, the ISM® new orders index, average consumer expectations for business conditions, the Leading Credit Index (inverted), stock prices, average weekly initial claims for unemployment insurance (inverted), manufacturers' new orders for consumer goods and materials, and manufacturers' new orders for nondefense capital goods excluding aircraft.
According to Ataman Ozyildirum, Director of Business Cycles and Growth Research at The Conference Board.
"The U.S. LEI continued on its upward trend in May, suggesting the economy is likely to remain on, or perhaps even moderately above, its long-term trend of about 2 percent growth for the remainder of the year," He added, "The improvement was widespread among the majority of the leading indicators except for housing permits, which declined again. And, the average workweek in manufacturing has recently shown no sign of improvement."
