British leading indicators return to upward trend

Sept. 12, 2013 at 12:16 PM

LONDON, Sept. 12 (UPI) -- The Leading Economic Index for Britain grew modestly in July after the index stumbled in June, the Conference Board said.

The index has risen in six of the past seven months, the Conference Board said Wednesday.

Following June's 0.3 percent drop, the index for July climbed 0.7 percent to 104.6.

The index assigns a base value of 100 to the year 2004 to provide a reference point.

Five out of seven component indexes made gains in July.

"The U.K. LEI regained its upward momentum in July, suggesting that the economy should continue expanding at a moderate pace for the rest of the year," said Brian Schaitkin, Economist for Europe with The Conference Board.

"Both business and consumer confidence have been strong, partly as a result of improved economic conditions in the Euro Area, Britain's largest trading partner. However, weakening corporate profits could discourage businesses from investing more in the near term even as the business environment continues to improve," Schaitkin said.

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