Friday, July 25th15.1°C
22663
21739

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

21723


Recent Trending




Today's Market
S&P TSX15451.76+57.31
S&P CDNX1012.310.66
DJIA16947.34-136.46
Nasdaq4440.002-32.105
S&P 5001977.52-10.46
CDN Dollar0.9253-0.0054
Gold1294.80+4.2001
Oil104.30-0.29
Lumber326.20+0.40
Natural Gas3.775-0.072

 
Okanagan Companies
Pacific Safety0.200.00
Knighthawk0.01-0.005
QHR Technologies Inc1.17+0.02
Cantex0.075-0.005
Anavex Life Sciences0.26-0.02
Metalex Ventures0.08+0.01
Russel Metals35.56-0.01
Copper Mountain Mining2.81-0.01
Colorado Resources0.21+0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.19+0.01

 



22557

FEATURED Property
1953754633 Fuller Ave.
2 bedrooms 3 baths
$625,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22707