2019.08.2211:03:00UTC+00U.S. Leading Economic Index Climbs More Than Expected In July

A report released by the Conference Board on Thursday showed its reading on leading U.S. economic indicators rose by much more than anticipated in the month of July.

The Conference Board said its leading economic index climbed by 0.5 percent in July after edging down by 0.1 percent in both May and June.

"Housing permits, unemployment insurance claims, stock prices and the Leading Credit Index were the major drivers of the improvement," said Ataman Ozyildirim, Senior Director of Economic Research at the Conference Board.

He added, "However, the manufacturing sector continues exhibiting signs of weakness and the yield spread was negative for a second consecutive month."

Ozyildirim said the leading economic index suggests the economy will continue to expand in the second half of 2019 but noted "it is likely to do so at a moderate pace."

The report said coincident economic index rose by 0.2 percent for the second consecutive month, while the lagging economic index climbed by 0.6 percent in July following a 0.5 percent increase in June.