U.S. July Index of Leading Economic Indicators Rises 0.4%
Aug. 21 (Bloomberg) -- The index of leading U.S. economic indicators gained 0.4 percent in July, the fourth straight increase, reflecting a decline in jobless claims and a rise in money supply, a private research group reported.
The jump in the New York-based Conference Board's gauge of how the economy will perform over the next three to six months followed a revised gain of 0.3 percent in June and a 1.1 percent rise in May that was the biggest since February 1996.
The U.S. economy is showing signs of strengthening and has a good chance of growing at a 4 percent rate through 2004, Federal Reserve Bank of Richmond President Alfred Broaddus said yesterday on CNBC. Last month, the money supply rose, and in mid-July initial jobless claims fell below 400,000 for the first time since February.
``With export growth still months away, the burden now falls on consumer spending and business investment,'' said Ken Goldstein, an economist at the Conference Board. ``The bottom line is that the leading economic indicators are more favorable now than any time since the recession started more than two years ago.''
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