The Conference Board reported that the Leading Economic Index had increased 0.9% in July to 103.3, following an increase of 0.6% increase in June, and following a 0.6% gain in May.
The Leading Economic Index gained traction in July and expects to continue at a strong pace for the rest of the year. Housing was one of the weaker components this year, but a handy gain in building permits helped boost July. Recent labor market conditions supported these gains, but business spending remained soft.
The Coincident Economic Index increased 0.2% in July to 109 after a 0.3% increase in June, while the Lagging Economic Index increased 0.2% in July to 124.6 following a 0.5% increase in June.
One word to the wise: Many of these “leading indicators” are already known, so the nature of how leading these are for the market and the economy can be brought up for debate.
Stocks have remained firm, with the S&P 500 up almost four points and the Dow up almost 50 points. The S&P 500 is just 10 points shy of the 2,000 mark and the DJIA is above 17,000.
A quote from the press release:
Although retail sales were a little disappointing, hiring and industrial activity improved. July’s increase in the LEI, coupled with its accelerating growth trend, points to stronger economic growth over the coming months.
READ ALSO: States With the Most Big Spenders
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
