Prior month revised to -0.2% from -0.1%
The October US leading index fell by -0.1%. Although lower MoM, that was better than the -0.2% estimate. However, the prior month was revised to -0.2% from -0.1%. Net-net, the number came in as expected.
- 6 month annualized index narrow to 0.2%
- building permits for the biggest contributor adding 0.14%
- ISM new orders for the biggest negative for the index at -0.14%
- the coincident index remained unchanged in October after a 0.1% in the prior month
- the lagging index rose 0.1% and October after rising 0.1% in September
Generally speaking, the leading index hasn't moved the market in years. The high change for 2019 reached +0.4% while the low has been -0.2% from September and August. What we can say is it has been a negative for the last 3 months.
