A report released by the Conference Board on Friday showed its index of leading U.S. economic indicators increased by slightly more than expected in the month of November.
The Conference Board said its leading economic index rose by 0.6 percent in November after climbing by 0.8 percent in October. Economists had expected the index to increase by 0.5 percent.
"Initial claims for unemployment insurance, new orders for manufacturing, residential construction permits, and stock prices made the largest positive contributions to the LEI," said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.
He added, "However, falling average working hours in manufacturing and consumers' worsening outlook underscore the downside risks to growth from a second wave of COVID-19 and high unemployment."
The report said the coincident economic index edged up by 0.2 percent in November after rising by 0.6 percent in October.
The lagging economic index also increased by 0.4 percent in November after climbing by 0.3 percent in the previous month.
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