The forward-looking U.S. index of leading economic indicators rose 1% in September, the Conference Board said on Oct. 22, offering more evidence 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, stock 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.
Other indexes in the survey were mixed.
The coincident index of current conditions was flat and the the lagging index fell 0.3%.
Copyright Agence France-Presse, 2009