Expressions of joy were muted on Wall Street at Friday’s release of the latest report from the Conference Board (CB) showing its Leading Economic Index (LEI) jumping 0.9 percent in October, following just a 0.1 percent gain in September. Economic analysts had a field day trying to read the CB’s tea leaves heading into the Christmas holidays and the new year.
Economists at the Conference Board were guardedly optimistic. Ataman Oxyildirim said, “The October rebound of the LEI largely due to the sharp pickup in housing permits suggests that the risk of an economic downturn has receded.” Added Ken Goldstein, “The LEI is pointing to continued growth this winter, possibly even gaining a little momentum by spring. The lack of confidence has been the biggest obstacle in generating forward momentum, domestically or globally. As long as it lasts, there is a