The index of U.S. leading economic indicators rose in April more than forecast, a sign the deepest slump in at least half a century is easing.
The Conference Board's gauge increased 1 percent, the biggest gain since November 2005, after a 0.2 percent drop in March, the New York-based group said today. The index points to the direction of the economy over the next three to six months.
Rising stock prices and improving consumer confidence are among the components of the leading index that are stoking speculation the economy will begin to grow again in the next six months. Still, with unemployment at a 25-year high and projected to keep climbing into 2010, and lenders restricting credit, the recovery may be muted.
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The number of newly laid-off workers requesting unemployment insurance dropped slightly last week after spiking due to auto layoffs, while continuing joblessness claims moved closer to 7 million.
The Labor Department said Thursday that initial claims for joblessness benefits fell to a seasonally adjusted 631,000, down from a revised figure of 643,000 the previous week. That nearly matched analysts' expectations of 630,000 new claims.
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