The Conference Board also reported its leading indicators for the month of October today, and again these “leading indicators” are not as “leading” as you might guess by the name. For October this came to a gain of 0.2%, versus a Bloomberg consensus estimate of 0.2%. This was too much in-line to make much of a difference. The September leading indicators figure was up by 0.6% for a comparison.
With today’s leading figure being right on the button and with the University of Michigan being revised slightly lower, we would consider these final reports before Thanksgiving mostly as a wash, even though the numbers were in different directions.
JON C. OGG