(Dow Jones) An economic index that measures business trends increased in October as impacts from a string of catastrophic hurricanes dissipated.
The Conference Board Leading Economic Index rose 1.2% to 130.4. Economists polled by The Wall Street Journal were expecting the index to rise by 0.9%.
Metrics including average weekly manufacturing hours, building permits and stock prices rose. The only negative contributor was manufacturers' new orders for nondefense capital goods excluding aircraft.
Comprising 10 components, including initial claims for jobless benefits, factory orders and the S&P 500's price change, the index is intended to signal swings in the business cycle and to smooth out some of the volatility of individual indicators.