A summary of key US economic indicators increased in July, signalling a slow, but stable expansion of the economy, data showed Friday.
The New York-based Conference Board's index of leading economic indicators rose 0.4 per cent in July after declining by the same amount a month earlier and increasing 0.3 per cent in May, revised figures showed.
The index, a compilation of 10 indicators that include economic confidence, unemployment claims and manufacturing orders, was valued at 95.8 points in July, compared to the 100-point-basis figure established in 2004, the private group said.
Conference Board economist Ataman Ozyildirim said an increase in housing construction permits and lower initial unemployment claims bolstered the index and seem to point to “a continuing but slow expansion in economic activity for the rest of the year.”
The figures will be closely-watched ahead of November's presidential election, where the state of the economy is a key campaign issue. - Sapa-dpa