The Conference Board Leading Economic Index in November continued to point to a moderation in growth. Although it rose 0.6% to a level of 109.1 in November, that follows increases of 0.8% in October and 0.7% in September.
The deceleration suggests a significant moderation in growth as the US economy heads into 2021, said Ataman Ozyildirim, senior director of economic research at The Conference Board.
“Initial claims for unemployment insurance, new orders for manufacturing, residential construction permits, and stock prices made the largest positive contributions to the [Leading Economic Index],” Ozyildirim said. “However, falling average working hours in manufacturing and consumers’ worsening outlook underscore the downside risks to growth from a second wave of Covid-19 and high unemployment.”