A key forecasting gauge for the US economy rose for the second straight month, but at a smaller-than-expected 0.1 per cent in January, a report from a private research group said today.
The rise in the US Composite Index of Leading Economic Indicators was short of market expectations for a 0.2 per cent gain and followed a sharp, upwardly revised 0.6 per cent gain in December, the Conference Board said.
December's upward revision was due to a result of data revisions in the manufacturers' new orders and building permits components.
"Despite the hike in energy prices and the slump in housing, the economy remains resilient - especially consumer demand," Ken Goldstein, Conference Board economist, said in a statement.
"This resiliency is still evidenced in the first quarter of 2007 and the latest data for the index points to a continuation in the second quarter, or even a little more growth," Mr Goldstein said.
Four of the ten indicators that make up the leading index increased in January - real money supply, index of consumer expectations, jobless claims and stock prices.