The Conference Board’s US leading economic index rose sharply in October, suggesting continued expansion heading into the New Year. The index rose 0.6% in October to a reading of 124.1 (2010 = 100), following declines of 0.1% in both September and August.

“The US LEI rose sharply in October, with the yield spread, stock prices, and building permits driving the increase,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. “Despite lackluster third-quarter growth, the economic outlook now appears to be improving. While the US LEI’s six-month growth rate has moderated, the US economy remains on track for continued expansion heading into 2016.”