Economic Activity Increases in October

A widely watched measure of future economic activity rose in October, offsetting a notable drop in September largely tied to hurricanes that swamped U.S. Gulf states, a private research group said Thursday.

The Conference Board said that its Index of Leading Economic Indicators, which tries to gauge future economic growth, rose 0.9 percent in October.

The Conference Board's coincident index - a measure of current economic activity - rose 0.1 percent.

The Conference Board said October's increase showed gains across many different businesses, except housing. The largest positive contributors to the leading index were initial claims for unemployment insurance and average weekly hours in manufacturing.

The largest negative contributors were housing permits and stock prices, while the index of consumer expectations held steady.