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U.S. Leading Economic Index likely to advance and indicate towards solid growth momentum in Q2 2018

The U.S. Leading Economic Index is set to be released tomorrow. According to a Wells Fargo research report, the index is expected to have dropped marginally in August. In the prior month, the LEI had risen 0.6 percent, which gave further evidence that economic growth should stay strong in the second half of 2018. July’s monthly gain had followed a 0.5 percent risen in June. July’s rebound was also comprehensive, as each of the underlying components added to the 0.7 point rise in the headline index.

Initial jobless claims had contributed the most in the month, adding 0.15 points to the headline index. In the meantime, manufacturing hours worked had the smallest effect and stayed neutral to the overall index. Many components of the index have remained solid in August. Initial jobless claims dropped to new lows, while the ISM new orders indicated a substantial rise.

“We expect the LEI to continue to advance and point to the economy maintaining strong momentum throughout the second half of the year”, added Wells Fargo.

At 16:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at -38.1426. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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