A forward-looking gauge of U.S. economic activity rebounded in September, pointing to "slow but steady" growth, the Conference Board reported Oct. 18. The business research group said its index of leading economic indicators, a gauge of activity in the coming six to nine months, increased 0.3% to a reading of 137.9 after a revised fall of 0.8% in August.
The reading, in line with Wall Street forecasts, was the third rise in the past six months as the index swung back and forth between gains and losses.
"While the financial markets gyrated and the slump in housing intensified, the economy continued to perform at a slow but steady pace," said Conference Board economist Ken Goldstein. "The leading index has increased in two of the past four months, suggesting that this slow pace of economic activity could continue into the early months of 2008."
Copyright Agence France-Presse, 2007