By CountingPips.com
Economic news releases out of the US showed that the leading economic indicators index (LEI) published by the Conference Board today increased for a fourth consecutive month in October. The Leading Indicator Index, which measures future economic activity, rose by 0.5 percent in October following increases of 0.5 percent in September and 
0.1 percent in August.
The October LEI advance matched the market forecasts which were expecting the gain of 0.5 percent for the month.
The coincident index, which is viewed as a gauge of the current economic activity, advanced by 0.1 percent following no change in September while the lagging index rose by 0.1 percent after advancing by 0.5 percent in September.
An economist at the Conference Board, Ken Goldstein commented in the report saying, “The economy is slow, but latest data on the U.S. LEI suggest that change may be around the corner. Expect modest holiday sales, driven by steep discounting. But following a post-holiday lull, the indicators are suggesting a mild pickup this spring.”
Philly Fed Business Survey increases in November
The Philadelphia Manufacturing Business Index released today by the Philadelphia Federal Reserve Bank showed that its survey increased in November to its highest reading in almost a year. The Philly general business diffusion index rose to 22.5 in November after October’s score of just 1.0. A positive score is consider growth in that business sector while a negative score is considered a contraction.
The November reading marks the highest score since December 2009 in the survey and follows the October score which almost fell into negative territory. Market forecasters were expecting the survey score to come in at 5.0.
Contributing to the higher level this month were increases in the indexes for new orders and shipments which rose by 15 points each.
Jobless Claims rise by 2,000
A release by the U.S. Labor Department showed that weekly U.S. jobless claims edged up in the week that ended on November 13th. New jobless claims increased by 2,000 workers over the prior week to a total of 439,000 unemployed workers. The 4-week moving average of unemployed workers fell by 4,000 workers from the prior week to a total of 443,000.
Workers seeking continuing claims for unemployment benefits for the week ending November 6th decreased by 48,000 workers to a total of 4,295,000 unemployed workers. The 4-week moving average of continuing claims declined by 45,500 to 4,353,250.
US Dollar falls as Stock Markets positive
The US dollar has been mostly lower in the forex market trading following today’s US economic news while the US stock markets have spent the day in positive territory. The dollar has advanced versus the Japanese yen and the Swiss franc while trading on the defensive against the euro, British pound sterling, Australian dollar, New Zealand dollar and the Canadian dollar in today’s forex trading action.
The U.S. stock markets, meanwhile, have traded in positive territory with the Dow gaining over 150 points, the Nasdaq increasing by over 40 points while the S&P 500 is higher by close to 20 points at time of writing.
In commodities, oil has traded higher by $1.60 to $82.10 while gold has gained by $14.30 to trading at the $1,336.80 per ounce level.
