An index of U.S. leading indicators rose in July by the most in four months, as stronger job growth helps power the world’s largest economy.
The Conference Board’s index of U.S. leading indicators, a gauge of the outlook for the next three to six months, climbed 0.9% after a 0.6% gain in June, the New York-based group said.
The median forecast of 49 economists surveyed by Bloomberg News called for a 0.6% advance.
“There’s no real indication that the economy is going to turn south here anytime soon,” said Scott Brown, chief economist at Raymond James & Associates Inc.
Estimates from 49 economists in the Bloomberg survey ranged from gains of 0.3% to 1.1%.
In a separate report, the Federal Reserve Bank of Philadelphia said manufacturing activity in the Philadelphia region increased in August.
The regional Fed’s index increased to a 28 reading from 23.9 in July. 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.