The Conference Board’s US leading economic index rose 0.2% in January to a reading of 121.1 (2010 = 100), following a 0.4% increase in December and a 0.3% increase November.

“The US leading economic index increased again in January, but its pace of growth has moderated in recent months,” said Ataman Ozyildirim, economist at The Conference Board. “While the [leading economic index] suggests a positive short-term outlook in 2015, the lack of strong momentum in residential construction, along with a weak outlook for new orders in manufacturing, poses a downside risk for the US economy.”