Leading Economic Indicators Rise; Manufacturing Declines in Philadelphia
An index of leading economic indicators increased 0.3% in January, the New York-based Conference Board said Feb 20.
The increase matched economists’ medium forecast, Bloomberg News reported.
The LEI is closely watched by trucking companies because it forecasts business activity for the next three to six months.
In a separate report, the Federal Reserve Bank of Philadelphia said manufacturing activity in the Philadelphia region declined in February to the first negative reading in nine months.
The regional Fed’s index declined to a -6.3 reading from 9.4 in January due to the winter storms that blanketed much of the region during the first few weeks of the month.
Readings above zero show expansion, and those below zero indicate contraction.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.
