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U.S. economy keeps rolling
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December 31, 1997: 10:59 a.m. ET
Economic indicators, manufacturing survey show strength in economy
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NEW YORK (CNNfn) - The expansion of the U.S. economy should continue in the upcoming months, according to figures released by the Conference Board Wednesday.
The organization said that its Index of Leading Economic Indicators, which seeks to predict economic activity during the next six to nine months, rose 0.1 percent in November after rising by the same amount in October.
It was the seventh straight increase for the figure and was in line with economists' expectations.
However, it did not paint a totally rosy picture. Of the 10 economic indicators used to calculate the figure, six declined in November, with weekly jobless claims figures doing the most to hold the figure back.
A surge in manufacturers' new orders for big-ticket consumer items helped rescue a more positive result, the Conference Board said.
Separately, the Chicago Purchasing Managers released figures Wednesday which showed that the manufacturing sector continued to expand in December although not quite as much as in previous months.
Its business barometer fell to 58.1 in December from 59.5 in November. An index figure above 50 indicates expanding manufacturing activity, and below 50, contracting activity.
The employment component of the group's figures increased in December, underscoring a stronger labor market in the U.S. economy. The Chicago index is normally an early indication of national financial conditions.
Manufacturers' inventories declined less sharply during December, the group said.
Overall, most of the components the group tracks were near the levels seen in 1996 except prices paid by manufacturers, which were higher because of climbing commodities prices, the organization said. 
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Conference Board
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