From Streettalk Daily X-Change January 24, 2013 - 4:22pm
The Conference Board released the LEI index with a full set of backward revisions which showed that LEI has been growing slower than estimated since end of the last financial crisis.
There have been plenty of seasonal distortions, as well as from Hurricane Sandy, which have made for a bumpy ride in the LEI in recent months. However, as always, the month to month data points have little to do with the direction and trend of the overall economy. However, not surprisingly, the index was up 0.5% to 93.9 from November's stagnant reading of 93.4. This was primarily due to the increase in the stock market, the sharp fall in jobless claims, due to several distortions in the data, and building permits.
The reading on consumer expectations, however, is the largest negative in the current report and is likely to remain a drag on the index in the next month as consumer sentiment remains u...