An economic barometer rose 0.2 percent in September, according to a private report issued Tuesday that indicates the economy is headed for continued growth.
The Conference Board report of the rise in the Index of Leading Economic Indicators to 104.5 matched analysts' expectations and followed a 0.2 percent increase in August.The leading index, designed to forecast economic activity six to nine months in advance, has increased for five straight months, a sign of no imminent halt to economic growth.
Over the six months through September, the index increased 1.6 percent. During the same period, seven of the 10 leading economic indicators advanced.
The Conference Board, a private research group, said six of the 10 leading indicators rose in September, with the most significant gains coming in a decline in new weekly unemployment claims and the growth of the money supply. The most significant decline in September was new orders received by manufacturers.
While the leading index was first calculated in the late 1960s, it is periodically fine-tuned, and figures from past years are revised. The most recent major change came last year, when the Conference Board eliminated two components and added one for a new total of 10.