Thursday, March 5th-5.3°C
25405
25147

Gauge of US economy's health edges up 0.2 per cent in October after 2 months of big gains

WASHINGTON - A measure of the U.S. economy's health improved in October, suggesting consumers and businesses mostly shrugged off the 16-day partial government shutdown.

The Conference Board said Wednesday that its index of leading indicators rose 0.2 per cent in October to a reading of 97.5. It was the sixth gain in seven months and followed large gains in the previous two months.

The index is designed to signal economic conditions over the next three to six months.

Kathy Bostjancic, an economist with the Conference Board, said the recent gains point to stronger growth next year. The Conference Board forecasts that the economy will grow 2.3 per cent in 2014, up from the anticipated 1.6 per cent growth for this year.

The index is comprised of indicators, most of which have already been released individually. Seven of the 10 indicators showed positive readings in October. Low interest rates and a rise in applications for building permits were the strongest.

The October index was held back by a slump in consumer confidence and rise in weekly unemployment benefit applications.

The Labor Department has said that unemployment benefit applications fell last month because of unusual circumstances: the partial government shutdown temporarily laid off some workers, and backlogs in California distorted claims for the nation's largest state.

Unemployment benefit applications have since fallen back to pre-recession levels. On Thursday, Labor said applications dropped 10,000 last week to a seasonally adjusted 316,000, a two-month low.

Cooper Howes, an economist at Barclays, said consumer confidence should also improve as the impact of the government shutdown fades.

The University of Michigan's index of consumer sentiment increased to a final reading of 75.1 for November, up from the preliminary reading of 72.0.

The Canadian Press


Read more Business News

24896


Recent Trending




Today's Market
S&P TSX15082.84-51.01
S&P CDNX698.09-4.21
DJIA18096.90-106.47
Nasdaq4979.668+12.526
S&P 5002101.08+2.55
CDN Dollar0.8024-0.0025
Gold1200.00-0.60
Oil53.35+0.12
Lumber287.30-3.40
Natural Gas2.746-0.023

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.05
Cantex0.035-0.005
Anavex Life Sciences0.18+0.005
Metalex Ventures0.04-0.005
Russel Metals24.95-0.26
Copper Mountain Mining1.24-0.01
Colorado Resources0.13-0.005
ReliaBrand Inc0.0065-0.0015
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.225+0.01

 





FEATURED Property
16506275815 Oleander
2 bedrooms 1 baths
$237,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Refinance your mortgage?

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mo...


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...

_








Member of BC Press Council


25413