The forward-looking US index of leading economic indicators rose 1% in September, the Conference Board said this afternoon, offering more evidence that a recovery is on track.
The gain in the index followed a revised 0.4% increase in August and a 1% jump in July, the business research firm said.
The index, which is based on data such as manufacturing hours worked, share prices and consumer expectations, offered a positive sign for an economy in recession since December 2007.
'These numbers strongly suggest that a recovery is developing. However, the intensity of that recovery will depend on how much, and how soon, demand picks up,' said Ken Goldstein, economist at the Conference Board:
But separate figures painted a weaker picture of the US jobs situation. The US government said new claims for unemployment benefits rose again after dropping for two weeks.
The seasonally adjusted number of jobless claims in the week to October 17 rose 2.1% to 531,000 from the previous week's revised figure of 520,000, the Labor Department said. This was higher than the 515,000 forecast by most economists.
The four-week moving average, which smoothes out week-to-week volatility, fell slightly to 532,250. The total number of Americans receiving unemployment benefits also shrank by 98,000 to 5.92 million.
