An improving job market and increasing factory production in March contributed to a jump in the U.S. index of leading indicators that signals the pace of economic growth is poised to snap back.
The Conference Board's index, a gauge of the outlook for the next three to six months, rose 0.8 percent, the most since November, after a 0.5 percent gain in February, the New York-based group said today. The measure's 6.1 percent advance over the past year is the biggest since July 2011.
"The fact that we're seeing some broad improvement across components bodes pretty well for the economy," said Sarah House, an economist at Wells Fargo Securities LLC in Charlotte, North Carolina, which is the best forecaster of the leading index over the past two years, according to data compiled by Bloomberg. "The underlying pace of activity is picking up."
Recommended Content
Editors’ Picks
EUR/USD hovers near 1.0700 even as USD struggles ahead of data
EUR/USD has erased gains to trade flat near 1.0700 in the European session on Thursday. The pair comes under pressure even as the US Dollar struggles, in the aftermath of the Fed policy announcements and ahead of more US employment data.
GBP/USD turns south toward 1.2500, US data eyed
GBP/USD is consolidating the rebound above 1.2500 in European trading on Thursday. The pair struggles, despite the US Dollar weakness on dovish Fed signals. A mixed market mood caps the GBP/USD upside ahead of mid-tier US data.
Gold price pulls back as market sentiment improves
The Gold price is trading in the $2,310s on Thursday after retracing about three-tenths of a percent on reduced safe-haven demand. Market sentiment is overall positive as Asian stocks on balance closed higher and Oil prices hover at seven-week lows.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.