NEW YORK, Nov. 18 (UPI) -- The U.S. index of leading economic indicators rose 0.9 percent in October, far higher than expected, the Conference Board said Friday.
The Leading Economic Index, which has risen for the past five months, climbed 0.3 percent in August and 0.1 percent in September. In October it jumped 0.9 percent to 117.4.
Economist had predicted a 0.6 percent rise.
Conference Board economist Ataman Ozyildirim said, "The October rebound of the LEI -- largely due to the sharp pick-up in housing permits -- suggests that the risk of an economic downturn has receded."
Ozyildirim said consumer expectations, stock markets and labor market indicators improved in October.
"The LEI is pointing to continued growth this winter, possibly even gaining a little momentum by spring," Conference Board economist Ken Goldstein said.
"The lack of confidence has been the biggest obstacle in generating forward momentum, domestically or globally. As long as it lasts, there is a glimmer of hope," Goldstein said in a statement.
