Thursday, August 21st19.8°C
22568
21626

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

20304


Recent Trending




Today's Market
S&P TSX15561.08-0.87
S&P CDNX993.44-3.26
DJIA17057.4578.32
Nasdaq4528.635+2.153
S&P 5001992.91+6.40
CDN Dollar0.9116+0.0001
Gold1273.80-19.60
Oil96.30+1.82
Lumber355.00-0.10
Natural Gas3.862+0.039

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22+0.01
Cantex0.065-0.005
Anavex Life Sciences0.260.00
Metalex Ventures0.075-0.01
Russel Metals37.36-0.09
Copper Mountain Mining2.89-0.03
Colorado Resources0.18-0.005
ReliaBrand Inc0.085+0.008
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.215-0.015

 



21097

FEATURED Property
20301082217 Sunview Drive
4 bedrooms 3 baths
$548,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...


Managing a business in 40 hours a week

My screen printing business, like many others, started as a one-man operation. It was located in a small building, not much better than a shack, with a telephone, a big table where I ate lunch and (oc...

_



22854

22885


Member of BC Press Council


22267