Leading Indicators Come As Expected 0.3%, Prior Revised Lower To Erase Previous "Beat"
The CONference Board announced its Leading Indicators increased 0.3 percent in September to 110. This was in line with expectations. What was also in line with expectations is the ongoing revisionist lie that has permeated every single government statistic: the August number was lowered from 0.3% to 0.1%. Of course, at the time it was a beat to the consensus estimate of 0.1% and likely resulted in an other mad rush to cover stocks. Now that it has been fully priced in, the true number can be revealed. And so continues the Chinization of the US economic release complex. As the AP noted: "The index had grown steeply since April 2009 on the strength of the stock market, record-low interest rates and a rebound in manufacturing. But the rate of expansion tapered off this summer as U.S. economic growth slowed." One wonders just how deplorable the state of the economy would be if the truth were actually released.
Below is a gratuitous chart full of irrelevant data from the Conference Board:
Full release here