Thursday, May 21, 2009
A private research's group forecast of economic activity rose more than expected in April, the first gain in seven months.
The Conference Board says its index of leading economic indicators, designed to forecast economic activity in the next three to six months, rose 1% last month. Economists surveyed by Thomson Reuters expected a 0.8% increase.
Conference Board economist Ken Goldstein says that means declines in activity could switch to growth in the overall economy in the second half of the year.
The index is derived from 10 components including stock prices, the money supply, jobless claims and new orders by manufacturers.
The Conference Board says strengths among the components exceeded weaknesses for the first time in more than a year.